Last week, Strategy pressed the “buy coin pause key,” yet the financing machines are still roaring.
According to the latest Form 8-K filing, between July 6 and July 12 the company’s Bitcoin holdings did not move at all: still 843,775 BTC, with a total cost of about $6.369 billion and an average price of $75,476. What’s truly worth pondering, however, is the action on the funding side—selling 4.8188 million shares of MSTR through the ATM program, netting roughly $466.7 million, while not repurchasing any shares.
The result: the company’s USD reserves jumped from about $2.55 billion to $3.0 billion within a week—an extra $450 million in cash sitting on the books.
This combination of “financing without buying coins” is not common. In the past, it was more often issuing bonds or conducting a share offering followed by a rapid accumulation. This time, leaving a large pile of “dry gunpowder” could mean several things:
- Waiting for a more ideal BTC entry price
- Setting aside a buffer for potential market volatility
- Or simply adjusting the financial cadence, with continued buying next week
For the market, in the short term there’s one less steady buy-side force, but $3.0 billion in cash means that once
$BTC pulls back, Strategy can step in at any time. With a cost basis of $75,476, the BTC holdings still provide a substantial safety margin, and management clearly isn’t in a rush.
Worth watching is how MSTR shareholders, while being continuously diluted, still see the per-share BTC amount on a coin-denominated basis evolve—that is the key metric. Since they didn’t buy coins this week yet issued new shares, whether the mNAV premium can hold up will be the highlight of next month’s report.
#Strategy #MicroStrategy #BTC