Strategy pauses Bitcoin purchases and sells $334 million in shares

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Strategy sells $334 million in shares

Strategy changes its approach

Strategy co-founder and Executive Chairman Michael Saylor did not publish his usual Bitcoin portfolio tracker update over the weekend. In the past, his Sunday posts often preceded announcements of new BTC purchases. However, in recent weeks, those messages have become less predictable as the company’s strategy has shifted, with its Bitcoin holdings either declining or remaining unchanged.

Under its new Digital Credit Capital Framework, Strategy restricted the use of its U.S. dollar reserve to preferred stock dividends and interest payments. The company also approved a $1 billion repurchase program for digital credit securities, initially prioritizing STRC.

Separately, Strategy authorized up to $1 billion in common stock buybacks. It later expanded its BTC Monetization Program, allowing the company to sell up to $5 billion worth of Bitcoin. The proceeds may be used to replenish reserves, pay dividends and interest, and repurchase securities.

At the same time, Strategy and Japan-based Metaplanet could face removal from MSCI’s global investable market indexes due to a proposed change in the methodology used to identify non-operating companies.

According to MSCI’s latest consultation, a simulation based on May 2026 data showed that Strategy, Metaplanet, and uranium investment company Yellow Cake would be removed from the MSCI ACWI IMI if the new rules are adopted. Sharplink, Center Laboratories, and Lydia Holding could be placed on a public watchlist.

According to Bitcoin Treasuries, 196 publicly traded companies have already adopted some form of Bitcoin accumulation strategy. In addition to Strategy, the top five corporate holders include Tether-backed Twenty One with 43,514 BTC, Metaplanet with 43,000 BTC, MARA with 35,577 BTC, and Bitcoin Standard Treasury Company, backed by Adam Back and Cantor Fitzgerald, with 30,021 BTC.

Meanwhile, shares of companies pursuing Bitcoin treasury strategies have fallen sharply from their summer 2025 peaks. Their market-cap-to-net-asset-value ratios have also contracted significantly.

MSTR, in particular, is trading nearly 80% below its previous highs. According to Strategy, the company’s enterprise mNAV currently stands at 1.04.

Still, the decline in share prices has not discouraged all investors. According to K33, Norway’s sovereign wealth fund increased its indirect Bitcoin exposure to a record 11,549 BTC in the first half of the year. Around 86% of that exposure comes through its investment in Strategy, worth approximately $622 million.

Strategy shares fell 4.1% last week and closed Friday at $93.04. Bitcoin declined by around 3% over the same period.

An unfulfilled promise

Michael Saylor has repeatedly emphasized that Strategy views Bitcoin as a long-term reserve asset and has no intention of parting with its accumulated coins even during severe market downturns. For years, he consistently promoted the idea of holding BTC indefinitely, making it a central pillar of the company’s strategy.

However, the prolonged market downturn has forced Strategy to adopt a more flexible approach. Amid falling Bitcoin prices and pressure on MSTR shares, the company expanded its BTC monetization program, allowing it to sell cryptocurrency if necessary to replenish its U.S. dollar reserve, pay dividends and interest, and repurchase securities. This does not mean Strategy has already begun significantly reducing its Bitcoin position, but its previous principle of “never selling under any circumstances” is no longer absolute.

As a reminder, a month earlier, Strategy sold $467 million worth of shares.

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