Strategy has skipped four straight weekly Bitcoin (BTC) purchases, its longest freeze in two years, and reports second-quarter results on Jul. 30 with $3.225 billion parked in cash.
Key Points:
- Strategy's last confirmed Bitcoin purchase, 520 BTC for about $34.9 million, covered the week ending Jun. 21.
- Second-quarter results land after the US market close on Thursday, with an investor call at 5 p.m. Eastern.
- The company's mNAV ratio slipped below 1 in late June, the first sub-parity reading in its history.
Strategy Bitcoin Filings Show Four Empty Weeks
Filings with the Securities and Exchange Commission on Jun. 29, Jul. 6, Jul. 13 and Jul. 20 each recorded no Bitcoin buys.
The last confirmed purchase covered Jun. 15 to Jun. 21 and totaled 520 BTC for about $34.9 million. The newest filing showed $263.5 million of MSTR share sales instead, lifting the dollar reserve to $3.225 billion.
Michael Saylor kept teasing anyway, posting Strategy's acquisition chart to X on Sunday under the caption "We're gonna need another color." It was his fifth such post since the last disclosed purchase, and the company has confirmed no transaction for the week.
The freeze is not simply inaction. Between Jun. 29 and Jul. 5 the company sold 3,588 BTC for about $216 million, the largest disposal in its history, then routed the proceeds toward preferred dividends and cash. A framework adopted in late June authorized $1 billion of common stock buybacks, $1 billion for its digital credit securities and up to $1.25 billion of further Bitcoin sales.
Also Read: Ghost Rider And Black Panther: Prediction Markets Whiffed On Marvel's Two Biggest Casting Reveals
Michael Saylor Faces Broken mNAV Math
Strategy's stock traded above the value of its coins for years, a ratio management calls mNAV, and that premium let the company issue shares while raising Bitcoin per share. The measure touched roughly 0.99 in late June, its first sub-parity reading, before recovering to about 1.03 against a breakeven executives put nearer 1.22.
Julio Moreno, head of research at CryptoQuant, attributed a slide in Strategy's preferred stock to a "deterioration in Strategy's fundamentals" in late June. Dividend obligations had quadrupled inside six months to $1.2 billion, and coverage of those payouts fell from more than seven years to roughly 14 months. The research firm told the company to stop buying and rebuild cash.
Bitcoin Slump Reshaped Strategy Earnings Outlook
Analysts polled by LSEG expect $3.86 billion in second-quarter operating income, a swing back after two consecutive quarters of losses. Two of the seven submitted estimates before June's Bitcoin decline, which leaves the consensus exposed to a downside surprise.
The first quarter set the baseline, with a $14.5 billion operating loss and a $12.8 billion net loss on Bitcoin's mark-to-market decline.
Year-to-date Bitcoin yield has since eased to 5.8% from 9.4% in early May, while growth in Bitcoin per share slowed to 8% year over year. MSTR closed Friday at $91.67, down about 33% for 2026 against a 24% drop in Bitcoin.
Read Next: Samsung Secures Stunning $200B Broadcom Chip Deal