Strategy’s BTC Buys Stay Frozen for Third Week as $467M Raise Pads $3B Cash Book

Strategy (MSTR) added zero Bitcoin to its balance sheet for a third consecutive week, according to a Monday, July 13 update from Executive Chairman Michael Saylor, while the firm’s US dollar reserve climbed by $450 million to roughly $3 billion. The buying freeze coincides with an equity raise of approximately $467 million, funded by selling 4,818,781 MSTR shares between July 6 and July 12, Invezz and Decrypt both reported.

The company’s total Bitcoin position remains unchanged at 843,775 BTC. The Daily Hodl put the stack’s current value at $52.47 billion, alongside $3 billion in cash on hand. At an average acquisition cost of $75,476 per coin — a cumulative outlay near $63.7 billion including fees, per Invezz — the position was sitting roughly $11 billion underwater at recent Bitcoin prices near $62,000-$63,000, a gap Decrypt independently flagged in its reporting.

Stock slides as buying machine idles

MSTR shares fell on the news, though the magnitude varies by source: Invezz reported a 3% drop, while Decrypt put the post-open decline at 4%, with shares changing hands around $90.80 according to Yahoo Finance data cited by Decrypt. Decrypt also noted the stock has fallen roughly 18% over a recent stretch, underscoring pressure on the equity even as the firm accumulates cash rather than crypto.

The pause follows two prior weeks in which Strategy actively sold Bitcoin rather than bought it — offloading a combined 3,588 BTC for $216 million, per The Daily Hodl. Those sales were executed under the company’s newly introduced BTC monetization program, a mechanism designed explicitly to replenish cash reserves and support dividend obligations rather than to signal a change in long-term conviction.

From “never sell” to a formal monetization program

The shift in posture traces back to May, when Strategy sold 32 BTC for approximately $2.47 million — its first Bitcoin disposal since 2022, when subsidiary MacroStrategy sold 704 BTC for roughly $11.8 million. The May sale marked a notable departure for Saylor, who had spent years publicly urging holders to “never sell” their Bitcoin.

Saylor had telegraphed the possibility months earlier. On a first-quarter earnings call, he said the firm would “probably sell some Bitcoin to fund a dividend just to inoculate the market — just to send the message that we did it.” That framing suggests the sales function as a controlled, one-time signal rather than the start of a sustained liquidation trend, though the three-week absence of fresh buying keeps that narrative under scrutiny.

Why the pause matters for positioning

Strategy remains the largest corporate Bitcoin holder by a wide margin and was the first public company to make BTC its sole treasury reserve asset. Its buying cadence has functioned as a de facto demand signal for spot markets, so three consecutive weeks without incremental accumulation — paired with an equity-funded cash build rather than a debt-funded BTC purchase — marks a structural change in capital allocation that traders tracking corporate treasury flows will want to watch closely into the next weekly disclosure.

Read more: BitMine’s ETH Stack Hits 5.77M Tokens, $11.3B Book Value, 96% to 5% Supply Target

Sources

• dailyhodl.com — Michael Saylor’s Strategy Increases Cash Reserve by $450,000,000, Goes Third Consecutive Week Without Buying Any Bitcoin
• invezz.com — Strategy (MSTR) stock falls 3% after $467M raise: what happened to its BTC holdings?
• decrypt.co — Strategy Pads Cash Reserves to $3 Billion, Skipping Bitcoin Buy for Third Week