MSTR
Cash first, Bitcoin later?
Strategy just did the thing Bitcoin bulls probably didn’t want to see: it sold another $263.5 million worth of MSTR shares and bought exactly zero BTC for the second week in a row. That brings the company’s two-week cash haul to roughly $730 million, which is a very different vibe from the usual “laser eyes, buy the dip” playbook.
Why the money is piling up
The company’s Monday 8-K says it sold 2,732,318 shares between July 13th and July 19th, pushing its USD reserve to $3.225 billion. Last week’s share sales added another $466.7 million, also without any Bitcoin purchases. So no, this isn’t a random pause. Strategy says the reserve is there to help cover preferred-stock dividends and service debt, which makes it more of a required pit stop than a strategic U-turn.
Saylor’s Bitcoin signal missed again
Michael Saylor did his usual cryptic Monday warm-up on X — a Bitcoin chart with the caption “What’s next?” — which in the past has often foreshadowed a fresh buy. This time? No dice. Instead, the filing confirmed the pattern held again: more cash, no coin. Strategy still owns 843,775 BTC, but the bag is sitting on a hefty paper loss versus a total cost basis of $63.7 billion.
The MSTR chart has a big cliff nearby
For traders, the drama is now as much about the stock chart as the Bitcoin stack. MSTR is hovering around $95.90, basically parked on its 20-day moving average like it’s waiting for permission to move. Above that, $105 looks like the first ceiling; below that, $82 is the trapdoor near the 52-week low.
Big picture: Strategy is still one of the market’s weirdest hybrids — part Bitcoin proxy, part financing machine, part “please don’t ask about the preferred dividend.” And right now, the market is asking anyway.