Strategy investors question future plans after five-week Bitcoin pause

For a company that built its entire identity around relentless Bitcoin accumulation, five weeks of radio silence is practically an eternity. Strategy, the firm formerly known as MicroStrategy and still very much led by Bitcoin evangelist Michael Saylor, hasn’t added a single satoshi to its treasury since late June. Its holdings sit at 843,775 BTC, acquired at an average cost of roughly $75,476 per coin. That’s the longest buying drought the company has experienced since at least 2024, and investors are starting to get antsy. Cash over crypto, at least for now Instead of plowing capital into more Bitcoin, Strategy has been doing something almost unrecognizable for a Saylor-led operation: hoarding cash. The company boosted its USD reserves by $525 million in the most recently reported week alone. It also allocated $25 million to buy back its own STRC preferred stock at a discount. Rather than buying Bitcoin, Strategy is buying its own debt instruments on the cheap because the market is pricing them below face value. Strategy has historically financed its Bitcoin shopping sprees through equity raises and preferred stock offerings. The playbook was simple and aggressive: sell shares or...