Michael Saylor's Strategy Pauses Bitcoin Purchases
Strategy (NASDAQ: MSTR), once known for aggressively buying Bitcoin, has paused its regular BTC acquisitions. The last reported purchase occurred in early June when the company bought 520 BTC at an average price of $67,068 — higher than Bitcoin's current value as of late July 2026. This pause follows recent Bitcoin sales and signals a shift away from Strategy’s original 'flywheel' business model. The flywheel strategy relied on issuing equity while trading above net asset value (NAV) to fund further BTC purchases, but this no longer works when the stock trades at a discount. Currently, MSTR is valued below NAV — 0.6 times its book value — making new share issuance unattractive and complicating capital management. To meet financial obligations like $1.76 billion in annual dividend payments and interest expenses on debt, Strategy has increased cash reserves to over $3.75 billion. CEO Phong Le described the company's evolution from one-way capital issuance toward active capital management.
Topics: Bitcoin treasury strategy flywheel model MSTR NAV discount