Strategy pauses Bitcoin buys for 35 days, builds $3.75B cash reserve

Strategy, the largest corporate Bitcoin holder, has gone 35 consecutive days without a purchase—its longest drought in two years. As of July 26, the company held 843,775 BTC acquired for $63.69 billion (avg. $75,476 per BTC). With Bitcoin near $64,000–$65,000, the position is underwater. Instead of buying, Strategy raised $544.5 million via 5.43 million shares and repurchased $25 million in preferred shares, boosting its USD reserve to $3.75 billion. The company sold 3,588 BTC earlier in July for $216 million to fund dividends and replenish cash—less than 0.5% of holdings. CEO Phong Le told Bloomberg Television that debt concerns would only matter if Bitcoin fell to $8,000–$10,000. The pause reflects a shift toward liquidity and capital preservation, not a change in Bitcoin conviction. Q2 earnings will offer further clues.