Strategy pauses its Bitcoin buying spree to hoard a massive $3 billion cash cushion

Markets Strategy pauses its Bitcoin buying spree to hoard a massive $3 billion cash cushion Strategy now has more than 20 months of coverage for preferred-stock dividends and debt interest. By James Van Straten | Edited by Oliver Knight Jul 13, 2026, 3:27 p.m. 2 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on Strategy Executive Chairman Michael Saylor. (Nikhilesh De) Summary Show Strategy has not purchased any bitcoin since June 22. Since then, it has sold 3,588 BTC and increased its US dollar reserve to $3 billion. The reserve provides 20.4 months of coverage, giving Strategy greater flexibility to navigate a bitcoin bear market while continuing to meet its dividend and interest obligations. Strategy (MSTR) has not purchased any bitcoin since June 22, when it acquired just 520 BTC for approximately $35 million. Since then, the company has shifted its immediate focus from bitcoin accumulation to strengthening its liquidity position. During the week ending July 5, Strategy sold 3,588 BTC in two transactions. It sold 1,363 BTC for approximately $80.8 million on June 30, followed by another 2,225 BTC for $135.2 million. The sales generated roughly $216 million and reduced Strategy’s holdings to 843,775 BTC. The company said the proceeds would help fund distributions on its preferred stock and replenish the portion of its U.S. dollar reserve used to make those payments. The reserve stood at approximately $2.55 billion following the sales. On Monday, Strategy increased its U.S. dollar reserve to approximately $3 billion. Based on annualized preferred-stock dividends and debt interest of roughly $1.76 billion, the reserve now provides about 20.4 months of coverage. This liquidity buffer should give Strategy sufficient flexibility to navigate an extended bitcoin downturn without being forced to sell significant amounts of bitcoin at lower prices or raise capital under unfavorable conditions. If bitcoin follows its historical four-year cycle , a cyclical low could arrive later this year, potentially around October. However, this remains a scenario rather than a reliable forecast. Expanding the USD reserve is also part of Strategy’s bitcoin monetization and capital-management framework. One objective is to reinforce the perceived creditworthiness of its perpetual preferred securities, particularly Stretch (STRC), by demonstrating that cash distributions can continue during periods of bitcoin weakness and can also sell up to $1.25 billion worth of bitcoin to fund the dividend payments. STRC currently trades at approximately $87, down around 0.5% on Monday, although it has recovered from a late-June low near $70. Its continued discount to the $100 stated value suggests investors still require a higher yield to compensate for bitcoin-related and liquidity risks. Meanwhile, MSTR’s multiple to net asset value (mNAV) on an enterprise basis is approximately 1.02, meaning the shares are trading at only a slight premium to the company’s net assets. Therefore the larger cash reserve gives Strategy more flexibility if the bear market persists and access to accretive equity financing remains limited. Bitcoin News Latest Crypto News 1 Robinhood built a blockchain for tokenized stocks. 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By CoinDesk Research 4 hours ago CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B. Why it matters : CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B. View Full Report More From Markets Tom Lee's BitMine ether holdings rise to 5.77 million tokens, or 4.8% of total supply Michael Saylor’s Strategy added $467 million in cash, made no changes to bitcoin holdings Profit-taking, MidEast hostilities drag crypto lower after bullish week