Strategy did not buy $BTC this week again

Second Consecutive Week Without a Bitcoin Purchase

@Strategy disclosed on July 20, 2026, via a Form 8-K filing with the Securities and Exchange Commission, that it increased its USD cash reserves by $225 million, bringing the total to $3.2 billion. The company made no $BTC purchase during the period, marking the second consecutive week in which it added to its dollar reserve rather than its Bitcoin stack.

The firm's $BTC holdings remain unchanged at 843,775 coins. Strategy's aggregate cost basis on that position stands at $63.69 billion. The pause in accumulation follows a broader pattern of liquidity building: Strategy raised its USD Reserve by $450 million the prior week, pushing the balance to $3 billion as of July 12, 2026, according to a Form 8-K filed with the SEC.

A Deliberate Shift Toward Liquidity

The cash build is not incidental. The company maintains the USD Reserve to support dividend payments on its four classes of preferred stock and interest on its outstanding debt. Strategy now holds sufficient US dollar reserves to cover 20.4 months of dividends out of its $1.763 billion in annual obligations to shareholders.

In the prior week, the company leveraged its at-the-market (ATM) offering program to sell approximately 4.82 million shares of its Class A common stock ($MSTR), generating around $466.7 million in proceeds. The latest $225 million addition continues that equity-funded reserve strategy, with no Bitcoin sold and none purchased.

With a $3 billion-plus cash reserve, Strategy can satisfy its obligations without selling any of its Bitcoin, as long as equity markets remain supportive. The reserve build comes as Strategy manages a capital structure that now includes four preferred stock series alongside its common shares, each carrying fixed dividend obligations, and growing the cash buffer gives the company more room to meet those payments without selling Bitcoin.

The July 20 filing extends a trend that has drawn attention from investors who had grown accustomed to near-weekly Bitcoin purchases. Whether the pause is temporary or signals a more sustained period of consolidation remains to be seen.

Sources:
Bitcoin.com News: Saylor Reports Zero Bitcoin Buys as Strategy's Cash Reserve Hits $3 Billion
Bitcoin Treasuries: Strategy Increases Cash Reserves to $3 Billion
Strategy.com Official Press Release: USD Reserve Increase