Strategy Bought No BTC In Late July : What’s Behind It ?

Strategy, Michael Saylor’s company, did not buy any bitcoin during the last week of July, a first that surprises, while the flagship asset price remains above $118,000. This slowdown contrasts with the steady pace of previous months and coincides with a $2.5 billion preferred stock fundraising. A calculated pause or a warning sign? Investors are questioning.

Purchase volumes sharply down despite a stable market

While Michael Saylor had reignited the machine with a new bitcoin purchase signal, Strategy did not buy any bitcoin during the last week of July, according to a document filed with the Securities and Exchange Commission (SEC). The company had been active earlier in the month, with two confirmed acquisitions: 4,225 BTC on July 14, followed by 6,220 BTC on July 21, according to official data.

In total, Strategy’s BTC portfolio remains unchanged at 607,770 BTC. This buying pause marks the second week of inactivity in the month, an atypical behavior for a company known for aggressive purchases.

This decline in activity occurs in a context where the bitcoin price rose slightly, fluctuating between $118,000 and $119,000 during the period. The contrast is striking compared to the pace of previous months. Here is the evolution of Strategy’s BTC acquisitions since April:

• April 2025 : 25,370 BTC purchased ;
• May 2025 : 26,695 BTC purchased ;
• June 2025 : 17,075 BTC purchased ;
• July 2025 : only 10,445 BTC, in two waves ;
• No acquisitions were reported in the first and last week of July.

This downward trend illustrates a voluntary or contextual moderation, contrary to the massive purchases observed so far. The fact that this slowdown does not coincide with a price drop raises questions about the ongoing strategic logic.

Expansion of the STRC offering : a lever or a transition ?

Alongside this slowdown, Strategy substantially increased its preferred stock offering. On July 26, the company announced that it had raised its Series A Perpetual Preferred Stock (STRC) issuance to $2.521 billion, initially set at $500 million.

The stock is valued at $90 per unit, and the closing of the operation is scheduled for Tuesday, subject to customary conditions. This mechanism allows Strategy to raise capital without resorting to traditional debt while remaining aligned with its stated bitcoin accumulation objective. Thus, these preferred stocks are part of a progressive financing system for BTC purchases.

Michael Saylor, co-founder of Strategy, responded to this announcement via the social network X (formerly Twitter), calling the STRC one of the “four pillars of the bitcoin defense department”.

The Bitcoin Defense Department pic.twitter.com/fT9l35Vhuh

— Michael Saylor (@saylor) July 23, 2025

This statement reflects a clear desire to consolidate a long-term investment approach by diversifying funding sources. Such a STRC thus fits in the line of previous instruments such as the STRK series, used to convert financial market interest into BTC purchasing power. The fundraising strategy therefore seems designed as a launchpad for future massive purchases, not as a retreat.

This operation may represent a transition moment rather than a disengagement. While awaiting the completion of the fundraising, Strategy, considered the secret key of States to propel bitcoin to $500,000, may temporarily pause acquisitions to maximize the impact of incoming funds. If the STRC is well received, the company could return in August with a new wave of large-scale purchases. Conversely, a mixed market reception could force the firm to revise its projections or its pace.