Strategy paused Bitcoin purchases for a fifth consecutive week, its longest buying hiatus in two years, while raising $525 million in cash and executing its first preferred stock buyback. The company sold 5.4 million MSTR shares through its at-the-market program between July 20 and 26, bringing cash reserves to $3.75 billion. Strategy used $25 million of the proceeds to repurchase STRC preferred stock, marking its first buyback under the $1 billion authorization approved June 29. The cash buildup covers 2.1 years of the $1.76 billion in annual preferred dividends and debt interest the company owes. Strategy's Bitcoin holdings remained frozen at 843,775 coins, unchanged since the 520-coin purchase on June 22, leaving the position $8.5 billion underwater against the $63.69 billion total cost basis.
Strategy Raises $525M Cash and Buys Back STRC Preferred Stock
Strategy sold 5.4 million MSTR shares between July 20 and 26 through its at-the-market program, generating $525 million in cash. The company's cash reserves now stand at $3.75 billion, sufficient to cover 2.1 years of the $1.76 billion in annual preferred dividends and debt interest obligations.
The company allocated $25 million to repurchase STRC preferred stock, its first buyback under the $1 billion authorization the board approved June 29. STRC has traded below its $100 par value since mid-May and reached record lows earlier this month.
Strategy's Bitcoin holdings remained at 843,775 coins, unchanged since the 520-coin purchase on June 22. The position sits $8.5 billion underwater against the $63.69 billion the company paid for its Bitcoin stack. Earnings are scheduled for Thursday.
The company introduced new metrics last week, including "net Bitcoin per share" that excludes $22.2 billion in debt and preferred claims, and redefined mNAV so the stock now reads 1.02x.
Crypto Market Declines Across Major Assets
Bitcoin fell 2.7% to $63,400, while Ethereum dropped 4% to $1,875 and Solana declined 4% to $73.10. HYPE decreased 9% to $54.45.
Oil prices fell 2% to $81, and gold declined 1% to $4,030. Stock futures showed mixed performance, with the Dow up 0.7% and Nasdaq down 0.9%.
Bitcoin ETFs recorded $12 million in net outflows on Monday, while Ethereum ETFs saw $12 million in inflows.
Coinbase Launches New Token Discovery Feature
Coinbase added a "Launches" tab to its decentralized exchange, allowing users to find and trade new Base and Solana tokens immediately after they go live onchain.
The Fomo app closed its highest week of revenue at $1.79 million and fees at $1.96 million. Pons reported it has already bought back and burned 22% of its PONS token supply.
Stablecoin chain Stable reported transaction volume increased over 700% in two days, pushing some RPC mempools to capacity. The network stated it is operating normally and still producing blocks while expanding infrastructure.
Corporate Acquisitions and Regulatory Developments
Circle acquired nearly 1,000 blockchain patents from IBM. Kraken parent Payward acquired Magic Labs' embedded wallet business, which has created over 60 million wallets since 2018. Magic is rebranding to Newton Labs to focus on its onchain-finance authorization layer.
The US Senate postponed consideration of the CLARITY Act, confirming the crypto market-structure bill will miss its August window. Kalshi and Polymarket secured a pause against Minnesota's prediction-market ban. Fanatics acquired a regulated exchange to expand its prediction-markets business.
FWA Adds Wrapped ERC20 Token Support
FWA introduced new token packs allowing assets like tokenized stocks to be included in prize pools, starting with wrapped ERC20s including PNKSTR tokens. The platform previously supported only native NFTs and cryptocurrencies.
FAQ
Why did Strategy stop buying Bitcoin for five weeks?
Strategy paused Bitcoin purchases to build cash reserves and execute its first STRC preferred stock buyback. The company raised $525 million by selling 5.4 million MSTR shares between July 20 and 26, bringing cash reserves to $3.75 billion. It used $25 million to repurchase STRC preferred stock under the $1 billion authorization approved June 29.
What is Strategy's current Bitcoin position?
Strategy holds 843,775 Bitcoin, unchanged since the 520-coin purchase on June 22. The position is $8.5 billion underwater against the $63.69 billion total cost basis. The company's cash reserves of $3.75 billion cover 2.1 years of the $1.76 billion in annual preferred dividends and debt interest obligations.
What new feature did Coinbase launch for token trading?
Coinbase added a "Launches" tab to its decentralized exchange, enabling users to discover and trade new Base and Solana tokens immediately when they go live onchain. The feature provides real-time access to newly launched tokens across both blockchain networks.
