In its latest earnings call, Strategy stated that any new funds raised in the future will no longer be used entirely to purchase Bitcoin, but will instead be allocated between BTC and its US dollar reserves. Management stated that this adjustment will be determined based on market conditions, demonstrating that its use of funds is becoming more flexible.
Strategy has not made any new Bitcoin purchases in the past three weeks. From July 20th to July 26th, the company's holdings remained unchanged at 843,775 Bitcoins. Based on the costs disclosed in the article, the total cost of these Bitcoin purchases was approximately $63.69 billion, with an average purchase price of $75,476.
Changes in the use of funds
The company stated that proceeds from the sale of Bitcoin may be used for other purposes in the future if necessary. Strategy also confirmed that it is not considering using Bitcoin as collateral for loans, citing high counterparty risk and margin risk.
Strategy also disclosed that in 2026, it sold approximately $218.4 million worth of Bitcoin through its newly established BTC Monetization Program to pay part of its preferred stock dividend obligations. CEO Phong Le stated that repurchasing discounted STRCs helps reduce future dividend burdens and is therefore a higher priority for capital use.
STRC buyback is still underway.
The company stated that approximately $975 million of the STRC share repurchase program remains unused. The board plans to maintain STRC's 12% dividend yield until the preferred stock continues to trade near $100.
Market reactions were mixed.
This change has sparked division within the crypto community. Some analysts believe that with BTC still below its all-time high, Strategy's slowdown in buying at this time is illogical. Others worry that the pause in buying could be interpreted by the market as pressure on the treasury model, thereby dragging down MSTR's stock price.
Despite this, Strategy still claims strong digital capital growth for 2026. The company has already raised $17.06 billion through its ATM program this year, with a BTC yield of 4.5% and Bitcoin holdings increasing by 25% year-to-date.
