Overview
- The company has not filed a Bitcoin purchase since June 22, and the pause stretched to four consecutive weeks after Michael Saylor posted the acquisition chart on July 26 with the caption “We’re gonna need another color.”
- Strategy placed recent ATM equity-sale proceeds into a dollar reserve that stood at about $3.225 billion after netting $263.5 million from July 13–19 share sales instead of using that cash to buy Bitcoin.
- Management redefined enterprise mNAV on July 23 to subtract senior claims net of the dollar reserve, a change that company officials said makes pre- and post‑change comparisons noncomparable and affects whether issuing stock increases Bitcoin-per-share.
- The board adopted a new capital framework in late June authorizing $1 billion in digital-credit and $1 billion in common buybacks plus a Bitcoin Monetization Program that allows up to $1.25 billion in coin sales.
- Strategy holds 843,775 BTC at an average cost of $75,476, leaving an unrealized loss near $8.6–$9.3 billion with Bitcoin trading around $64,600–$65,000, and the shares closed last Friday at $91.67 ahead of Q2 results scheduled for July 30.