During the week of July 13-19, 2026, Strategy Inc., the largest corporate Bitcoin holder, halted its Bitcoin purchasing for the second consecutive week. The company's treasury holdings remained stable at 843,775 BTC, acquired at an average price of $75,476 per coin, totaling $63.69 billion.
Instead of expanding its crypto position, Strategy turned to the stock market, raising $263.5 million by selling 2.73 million shares of its Class A common stock through its at-the-market offering program. This move increased its USD cash reserves to $3.2 billion, up from $3.0 billion the previous week.
The additional cash is earmarked to cover preferred stock dividends and interest payments on outstanding debt, indicating tighter liquidity management amid market pressures. Earlier, in late June and early July, Strategy sold 3,588 BTC at prices between $59,000 and $61,000, well below its overall Bitcoin cost basis.
The pause in Bitcoin acquisition and shift to equity sales reflects the company’s response to Bitcoin’s declining price pressure. Strategy anticipates an $8.32 billion unrealized loss for Q2 2026 on its digital assets due to lower market valuations. The carrying value of its Bitcoin holdings reportedly dropped to $49.67 billion, signaling significant markdowns.
Such valuation changes have also forced Strategy to record a full valuation allowance against deferred tax benefits linked to these assets, weakening its tax position.
This development highlights how deep declines in crypto prices can compel major holders to prioritize liquidity preservation by tapping traditional equity markets rather than expanding crypto exposure. For investors, Strategy’s approach could signal caution ahead, possibly reflecting broader institutional hesitancy amid market volatility.
The firm’s move also raises questions about the sustainability of aggressive Bitcoin accumulation strategies when facing prolonged downtrends and debt servicing requirements.
This material is informational and does not constitute financial advice.
