Strategy, historic champion of Bitcoin, surprises by raising $263.5 million in MSTR shares without buying back BTC. A liquidity strategy or a sign that bitcoin is no longer a priority? Michael Saylor, once an apostle of BTC, seems to be biding his time… or changing course.
In brief
- Strategy raises 2.73 million MSTR shares for $263.5 million, boosting its dollar reserve to $3.225 billion.
- No purchase of Bitcoin by Strategy since June 22, 2026, despite record cash flow and a “bottom” BTC price.
- Michael Saylor is certainly banking on liquidity: dividends, debt or waiting for a BTC crash?
Strategy raises $263.5 million in MSTR stock but won’t buy bitcoin
Between July 13 and 19, 2026, Strategy sold 2.73 million of its own MSTR shares, generating $263.5 million in cash. However, no bitcoin was added to its already historic portfolio with 843,775 BTC. A decision that raises questions. Why raise funds without strengthening your position on the queen of cryptos? Officially, these funds feed the dollar reserve increased to 3.225 billion, intended to cover dividends and interest on the debt.
But the absence of purchases of BTC while the price stagnates raises questions. Especially since Michael Saylor has always defended bitcoin as the ultimate store of value. So how can we understand that since June 22, 2026 there has been radio silence. Is this a wait-and-see strategy while waiting for a market correction? Or a change of direction towards more traditional management?
BTC is no longer fashionable for Michael Saylor?
Bitcoin, once Strategy’s flagship asset, seems neglected in recent weeks. Yet Michael Saylor continues to tout its adoption by institutions, calling it necessary and inevitable. So why this pause? Two hypotheses clash.
- First: Michael Saylor is waiting for a BTC crash to buy back massively, like in 2020-2021. With $23.53 billion still available through its ATM program, it has the means to strike hard.
- Second: bitcoin is no longer a priority. The 263.5 million dollars raised would be used to secure the balance sheet (dividends, debt) rather than to speculate.
The macroeconomic context also plays a role. Indeed, BTC is in the phase of “bottom” according to some analysts, with attractive yields of 6.5% APY in staking. However, Strategy does not move. Proof of caution or loss of faith? Michael Saylor, who even opposes protocol changes to preserve stability, therefore seems to be playing for time. One thing is certain, the market is watching.
Strategy accumulates dollars but ignores Bitcoin. Caution or disenchantment? Either way, Michael Saylor is keeping his cards close to him. And you, do you believe in a strong comeback for BTC in its strategy… or in a discreet farewell?
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