Strategy, formerly MicroStrategy, has now gone four straight weeks without buying Bitcoin, marking the first time in two years that the company has left such a long gap between purchases.
On July 26, co-founder and executive chairman Michael Saylor posted a chart on X showing Strategy’s historical Bitcoin purchase record and wrote, “We need another color now.” He did not explain the remark further, and Strategy confirmed that there had been no new transaction during the period.
Saylor has frequently posted similar charts ahead of the company’s position updates, and the market has often treated them as a sign that another Bitcoin purchase could be coming. This time, the post again stirred that kind of speculation, though Strategy has not disclosed any new buy so far.
The last purchase was disclosed on June 22
Strategy’s most recent disclosed Bitcoin purchase was on June 22. In the four Monday filings that followed, the company reported no additional buying, with the disclosures shifting instead to new share issuance and larger U.S. dollar reserves.
That stands in sharp contrast to the company’s previous pace, which had seen it adding to its Bitcoin holdings almost every week. The four-week pause is the first such stretch for Strategy in two years.
Strategy currently holds about 843,775 BTC, keeping its position as the world’s largest corporate Bitcoin treasury.
mNAV falls below 1 as capital shifts to cash reserves
As Bitcoin purchases slowed, Strategy’s market net asset value ratio, or mNAV, also fell below 1. The company is still raising capital, but recent funds have been directed to about $3.225 billion in cash reserves rather than straight into Bitcoin.
According to ABMedia, market participants linked that shift to cash dividend pressure tied to Strategy’s perpetual preferred stock. The dividend rate on STRC has been raised to 12%, and those dividends must be paid in cash.
Earlier in July, Strategy also disclosed a Bitcoin sale worth about $216 million, the largest in the company’s history, with the proceeds used to cover preferred stock dividends.