Strategy went five consecutive weeks without buying Bitcoin, its longest pause in two years, raising $525 million in cash instead. Its cash reserves now stand at $3.75 billion, covering 2.1 years of the $1.76 billion in annual preferred dividends and debt interest. The company sold 5.4 million MSTR shares through its at-the-market program between July 20 and 26, while its Bitcoin holdings remained unchanged at 843,775 BTC. Strategy also repurchased $25 million of its own STRC preferred stock, which has been trading below its $100 par value since mid-May. Its Bitcoin holdings are currently $8.5 billion underwater against the $63.69 billion paid, with earnings expected this Thursday.
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