On Monday, Strategy announced it had once again foregone a Bitcoin purchase, opting instead to repurchase $25 million of its own preferred stock, Stretch (STRC).
In a filing and an X post, the company disclosed that it sold 5,429,160 shares of MSTR common stock via its at‑the‑market program from July 20 to July 26, yielding $544.5 million in net proceeds.
This marked the first occasion Strategy executed a buyback of its STRC offering—one of several products that provides investors with Bitcoin exposure through dividend‑paying shares.
Strategy continues to hold 843,775 Bitcoins on its balance sheet, valued at more than $55 billion based on a current price of $65,576 per coin.
The pause in Bitcoin purchases marks the fifth consecutive week without buying. Strategy has shifted toward accumulating cash rather than acquiring new Bitcoin, diverging from its historically aggressive buying pattern. According to a filing, the company now holds $3.75 billion in cash that will not be allocated to repurchases.
Strategy maintains that the approved buyback plan, announced earlier this month, aims to bolster balance‑sheet strength rather than signal a retreat. President and CEO Phong Le affirmed that the firm remains committed to being a long‑term Bitcoin investor.
Originally known as MicroStrategy, Strategy began purchasing Bitcoin in August 2020 to enhance shareholder returns during the COVID‑19 pandemic.
To date, the company has invested roughly $63.9 billion in Bitcoin, making it the largest corporate holder of the cryptocurrency. Investors can obtain exposure to Bitcoin by purchasing Strategy’s shares, avoiding the need to directly hold digital coins.
Strategy’s approach has inspired numerous copycat firms that have acquired not only Bitcoin but also other cryptocurrencies in an effort to lift their share prices.
On Monday, Strategy’s Nasdaq‑listed stock (MSTR) rose nearly 7% to about $98 per share, although its year‑to‑date performance remains down close to 40%.
