Strategy neither bought nor sold Bitcoin between August 10 and 16, keeping its position flat at 840,447 BTC with an average cost of $75,385 per coin. Instead of accumulating Bitcoin, the company sold 3,458,866 MSTR shares for net proceeds of $333.7 million, allocating $149.1 million to its dollar reserve now totaling $4.8 billion and $132.2 million to repurchasing its STRC preferred shares. This pause marks a shift in marginal capital allocation, with Strategy now prioritizing balance sheet defense over expanding its Bitcoin exposure. Without this recurring corporate bid, Bitcoin’s price now relies more heavily on ETF flows, derivatives positioning, and organic spot demand. An MSCI index-eligibility review for MSTR, with a decision expected October 16, could compound pressure if exclusion from global equity indexes is confirmed.
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