Strategy, a company known for its significant Bitcoin holdings, has implemented a notable shift in its financial strategy, moving away from consistent Bitcoin accumulation. For four consecutive weeks, the company has not purchased any Bitcoin, marking its longest such period in two years. This period included two weeks of selling, where Strategy liquidated 3,588 BTC for approximately $216 million to cover preferred dividends, under an authorization to sell up to $1.25 billion more. Earlier in June 2026, the company had also sold 32 BTC for about $2.5 million, the first sale in four years.
Instead of buying Bitcoin, Strategy has been directing proceeds from its ongoing stock sales, which continue to raise hundreds of millions weekly (e.g., $466.7 million one week and $263.5 million the next), into a U.S. dollar reserve. This reserve has now reached $3.225 billion, providing approximately 20 months of dividend coverage. This move has been interpreted by some market observers, including CryptoQuant analysts, as a prudent treasury management decision, prioritizing cash reserves and dividend coverage over further Bitcoin accumulation, especially as the company's enterprise mNAV, the market value against its Bitcoin, fell below 1, implying that issuing stock to buy Bitcoin would dilute Bitcoin-per-share.
The shift has generated mixed reactions among analysts. While some, like Adam Livingston, argue that the expanded cash reserve, alongside any Bitcoin purchases, can be accretive to common equity Bitcoin exposure, others, such as Quinn Thompson of Lekker Capital, criticize continued equity issuance, suggesting that it dilutes Bitcoin per share and that the company should focus more on strengthening its balance sheet. The company's CEO, Phong Le, characterizes Strategy as designed to amplify Bitcoin exposure, yet the recent actions indicate a more cautious approach, with the market responding positively to the focus on liquidity rather than accumulation.
