Strategy Sits Out Bitcoin Buying for a Second Straight Week, Raises $225 Million in Cash Instead
Michael Saylor did not buy Bitcoin this Monday. For a company built on the ritual of the weekly Bitcoin purchase, that is news in itself. Strategy instead raised another $225 million in cash, the second week in a row it has skipped adding to its Bitcoin stack even as the price keeps grinding higher.
THE FILING
Strategy Inc., the world's largest corporate Bitcoin holder, announced in its latest weekly disclosure that it made no Bitcoin purchases for the week ending July 19, 2026, instead adding $225 million to its USD reserve, bringing the total to $3.2 billion. The company said it holds 843,775 BTC in its Bitcoin reserve alongside the $3.2 billion in its USD reserve.
Strategy filed an 8-K with the SEC confirming it sold 2,732,318 MSTR shares between July 13 and July 19 to fund the move. This is not a one-week story. The week prior brought in another $466.7 million through 4,818,781 share sales, also with no Bitcoin purchased. Strategy sold $263.5 million worth of shares last week and added zero Bitcoin for the second consecutive week, pushing its total cash raise over two weeks to $730 million.
WHY THE CASH MATTERS MORE THAN THE COIN RIGHT NOW
The reserve build is not a change of heart on Bitcoin. It is about the preferred stock product known as Stretch (STRC), which Strategy needs trading back above par. On the show, hosts noted that Stretch has been trading under $100 for an unusually long stretch, and that the dollar reserve exists specifically to reassure the market the company can cover distributions on that preferred stock without being forced into a Bitcoin sale.
The reserve funds dividend payments on preferred stock and services outstanding debt, making it a structural requirement rather than a discretionary choice. Strategy's 843,775 BTC position sits at roughly $54.7 billion, purchased at an average of $75,476 per coin, and has not moved since the company sold 3,588 BTC for $216 million in early July to cover preferred stock dividends. At current prices, the Bitcoin stack carries roughly $9 billion in paper losses against a total cost basis of $63.7 billion.
THE PART THAT ACTUALLY MOVED THE NEEDLE ON THE SHOW
What stood out on the daily show was not the dilution, which longtime MSTR holders have grown used to. It was the price action happening around it. For nearly two weeks now, Strategy has been on the sidelines, and Bitcoin has kept climbing anyway. Hosts pointed out that this quietly undercuts the popular narrative that Saylor alone has been propping up the bottom of this bear market. If Bitcoin can hold and grind higher without its single largest corporate buyer stepping in, that points to other Bitcoin treasury companies and the ETF complex doing more of the heavy lifting than the market has given them credit for.
Michael Saylor posted a Bitcoin tracker chart to X on Sunday with the caption "What's next?" and his Sunday posts have historically preceded Bitcoin purchase announcements the following Monday. Whether that pattern holds again next week is the thing to watch. If Strategy comes back in and buys while Bitcoin is still climbing, it will be hard to separate cause from coincidence. If it stays on the sidelines a third week and the price keeps rising regardless, that is a real signal that the buyer base under this market has broadened well beyond one company.
