Strategy has not bought bitcoin since June 22, when it acquired 520 BTC for about $35 million, according to CoinDesk. Instead, the company has shifted toward liquidity, raising its U.S. dollar reserve to roughly $3 billion after recent bitcoin sales.
The move matters because Strategy is one of the most closely watched corporate bitcoin holders, and changes in its capital strategy can signal how bitcoin-heavy companies are preparing for market stress. A larger cash buffer may reduce pressure to sell bitcoin during a downturn or raise capital on less favorable terms.
During the week ending July 5, Strategy sold 3,588 BTC across two transactions, generating about $216 million. Those sales reduced its bitcoin holdings to 843,775 BTC, while helping replenish cash used for preferred-stock distributions.
CoinDesk reported that the company’s reserve now provides about 20.4 months of coverage for annualized preferred-stock dividends and debt interest of roughly $1.76 billion. The company said proceeds from the sales would help fund distributions and rebuild its U.S. dollar reserve.
The reserve expansion also fits into Strategy’s broader bitcoin monetization and capital-management framework. CoinDesk noted that its preferred securities, including STRC, continue to trade below stated value, suggesting investors still demand compensation for bitcoin-linked and liquidity risks.