Strategy’s longest-ever pause in buying Bitcoin over the past two years; sells 3,588 BTC to raise $216 million

Strategy’s stock-holding company has not bought BTC for four straight weeks, the longest pause in purchases in two years; according to a U.S. SEC filing, the most recent bitcoin purchase was in the week ending June 21. Strategy sold 3,588 bitcoins from June 29 to July 5, raising about $216 million, to pay preferred stock dividends and top up its cash reserves.

Strategy mNAV model explanation: dipped below 1 in late June

Based on the original text, the mNAV mechanism is as follows:

When mNAV is above 1: Strategy’s stock trading price is higher than the value of its bitcoin holdings; the company can issue new shares at a price above its bitcoin value, driving growth in bitcoins per share

When mNAV is near or below 1: New share issuance destroys value rather than creating it, and capital efficiency for buying bitcoins disappears

In late June 2026: mNAV touched about 0.99, the first time it has ever fallen below par

Currently: mNAV has rebounded to about 1.03

Management assessment: Strategy’s current stock trading price is below its purchase price; management believes the true break-even point is closer to 1.22

Strategy sells 3,588 bitcoins and releases Q2 earnings

According to an SEC filing, Strategy sold 3,588 bitcoins in two batches from June 29 to July 5, raising about $216 million. The proceeds were used to pay preferred stock dividends and replenish cash reserves; as of July 20, cash reserves had reached $3.23B.

Q2 earnings will be announced on July 30 (Thursday), after the close of trading on U.S. markets. LSEG consensus expectations (seven analysts) show Q2 operating revenue recovering to $3.86 billion, but two of the forecasts were submitted before the bitcoin crash in June. Q1 recorded an operating loss of $14.5 billion due to the decline in bitcoin market value.

FAQ

When did Strategy make its most recent bitcoin purchase?

According to a U.S. SEC filing, Strategy’s most recent bitcoin purchase was in the week ending June 21, 2026. Since then, it has not bought any bitcoins for four consecutive weeks, marking the longest pause in purchases in two years.

Why has Strategy paused its bitcoin purchases?

Based on the original text, the main reason for the pause is that mNAV (the ratio of the stock price to the value of bitcoin holdings) fell to about 0.99 in late June (the first time it has ever dropped below par). At that point, issuing new shares would destroy value rather than create it. Since then, mNAV has rebounded to about 1.03, and management believes the break-even point is closer to 1.22.

When will Strategy report Q2 earnings, and what is analysts’ consensus estimate?

According to the original text, Strategy will release its Q2 earnings on July 30 (Thursday), after the close of trading on U.S. markets. LSEG’s consensus among seven analysts indicates Q2 operating revenue will be $3.86 billion.