Strategy, formerly known as MicroStrategy, the world's largest public holder of Bitcoin, reported no Bitcoin buys last week. This pause in its usual aggressive accumulation strategy coincided with the successful completion of a major capital offering aimed at further bolstering its cryptocurrency reserves.
The company, led by Executive Chairman Michael Saylor, is renowned for its pioneering strategy of using Bitcoin as its primary treasury reserve asset, a path it embarked on in August 2020. The recent halt in purchases does not signal a change in course, but rather a standard quiet period during a capital-raising activity. Strategy officially upsized its Series A perpetual stretch preferred stock (STRC) offering to $2.521 billion from the initially planned $500 million. This move is part of the company's ambitious plan to raise capital through various financial instruments to continue its Bitcoin acquisitions.
The 'Stretch' offering is notable for its structure, featuring a variable 9% dividend paid monthly, providing flexibility to manage capital amidst Bitcoin's price volatility. This strategy allows Strategy to attract yield-seeking investors while simultaneously raising funds for its primary mission. The company has utilized various methods since 2020, including common stock, debt, and multiple series of preferred shares to fund its purchases.
Despite last week's pause, Strategy's total holdings remain substantial. As of July 24, 2025, the company holds 607,770 bitcoins. This portfolio is valued at $43.61 billion. The company's strategy has made it the second-largest Bitcoin holder, trailing only BlackRock's iShares Bitcoin Trust (ETF). Michael Saylor remains steadfastly bullish on Bitcoin's future, predicting it could eventually reach a total valuation of $300 trillion.
The temporary halt in acquisitions is widely seen as a strategic breather. With the latest capital raise now complete, market watchers expect Strategy to resume its purchases shortly, armed with fresh capital to continue its mission of accumulating the world's premier digital asset.