Michael Saylor, the executive chairman of Bitcoin’s largest corporate holding firm, Strategy, has yet to disclose any new Bitcoin purchase since its last buy activity in June.
While it remains silent on expanding its Bitcoin holdings since June, Strategy has continued to channel its funds toward building its cash reserve.
Saylor dumps Bitcoin for cash?
After about six weeks of halting its weekly Bitcoin accumulation, Strategy announced it has added another $250 million to its USD cash reserve.
This marks the sixth consecutive week Strategy has continued to boost its cash reserve, bringing its total cash reserve to $4 billion.
The new milestone in Strategy’s cash reserve has come after the company sold a fraction of its Bitcoin holdings, sparking discussions across the market given the firm’s “hodl” forever narrative.
While its Bitcoin holdings are now sitting at 842,138 BTC, Strategy has yet to indicate when it plans to resume buying Bitcoin. This has triggered another debate on Strategy’s business model.
Strategy buys $81 million of STRC
After its latest cash top-up, Strategy further disclosed that it repurchased about $81 million of its STRC preferred stock following its push for better efficiency.
Market participants have shared mixed narratives on the move, as some believe that the stock buyback marks part of the company’s ongoing capital management strategy. Notably, Strategy appears to have temporarily shifted focus from building its cash reserve to optimizing its balance sheet while maintaining financial flexibility.
While its latest Bitcoin sell-off has reduced its large Bitcoin holdings, reports show that Strategy still maintains its position as the world’s largest corporate Bitcoin holder.
