Bitcoin treasury company Strategy made no bitcoin purchases or sales in the week to July 26, holding its stack at 843,775 BTC, according to an 8-K filing with the Securities and Exchange Commission on Monday.

The pause marks a fifth straight week without a bitcoin purchase, extending a shift toward share sales and reserve building since the firm's last buy of 520 BTC on June 22.

Strategy holds a total of 843,775 BTC — worth around $54 billion — bought at an average price of $75,476 per bitcoin for a total cost of around $63.69 billion, including fees and expenses, according to the filing. To put that in context, Strategy's holdings are equivalent to more than 4% of bitcoin's 21 million supply cap, but carry billions of dollars in paper losses at current prices.

Strategy raised its USD reserve by $525 million, confirming a balance of $3.75 billion as of July 26, up from the $3.225 billion disclosed as of July 19. The reserve supports dividend payments on its preferred stock and interest on its debt.

The company said the USD reserve balance now covers about 2.1 years of dividend obligations.

Strategy also repurchased 288,930 shares of its STRC preferred stock for $25 million during the week under the digital credit securities repurchase program it launched in June.

Expand Chart

'Gonna need another color'

Despite the pause, Saylor had posted another Strategy bitcoin acquisition tracker chart to X on Sunday with the caption "We're gonna need another color."

Similar posts have typically preceded bitcoin acquisition announcements the following day, though the company's activity had varied in recent weeks, predominantly choosing to build up its USD reserve alongside some bitcoin sales.

The chart he shared showed a reserve value of $54.36 billion across 843,775 BTC, at an average cost of $75,653 per coin and down about 14.84% at the time of the post.

Strategy intends to remain a long-term buyer of bitcoin despite its recent sales, President and CEO Phong Le said in a Bloomberg TV interview. Le said Strategy would begin considering risks associated with its debt only if bitcoin falls to around $8,000 to $10,000, adding that the company currently feels very secure about its balance sheet.

In a separate post, Saylor published a 110-point essay titled "110 Reasons BIP 110 Is a Bad Idea," his most detailed case yet against the proposed soft fork that seeks to restrict arbitrary data on Bitcoin.

The essay landed ahead of BIP-110's mandatory signaling window, which opens in early August, with miner support registering 0% on the proposal's public monitor as of July 26.

USD reserves

Strategy's larger cash reserves and improving institutional demand in bitcoin futures are "encouraging signs" for the bitcoin outlook, JPMorgan analysts said, despite spot bitcoin exchange-traded fund flows remaining volatile.

CryptoQuant analysts said Strategy's capital management approach addresses the company's liquidity concerns by rebuilding cash reserves.

The firm said Strategy still needs a systematic framework for timing bitcoin purchases and a disciplined plan for selling bitcoin during the next bull market. According to Bitcoin Treasuries data, 197 public companies have adopted some form of bitcoin acquisition model.

Tether-backed Twenty One, Metaplanet, MARA, and Adam Back and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company make up the rest of the top five, with 43,514 BTC, 43,000 BTC, 36,303 BTC, and 30,021 BTC, respectively.

Expand Chart

Strategy's stock fell 2.1% on Friday, according to The Block's MSTR price page.