Michael Saylor’s Strategy Slows Bitcoin Buys Despite Market Volatility

As Bitcoin continues to trade near all-time highs, Strategy — the world’s largest publicly listed Bitcoin holder — appears to be taking a cautious pause. The company, led by outspoken Bitcoin advocate Michael Saylor, reported no Bitcoin purchases last week, even as BTC saw renewed volatility and climbed above $119,000.

According to a U.S. Securities and Exchange Commission (SEC) filing on Monday, Strategy’s Bitcoin holdings remained static at 607,770 BTC. This marks the second time in July the company has opted not to make weekly purchases, despite market activity and a notable 80,000 BTC sale by an early investor on Friday, as reported by CoinGecko.

Bitcoin’s price rose from roughly $118,000 to over $119,000 over the course of the week, but Strategy held off. This follows a similar decision in the first week of July, breaking from the company’s usual pattern of steady accumulation.

Bitcoin Buying Activity Drops 39% in July

Strategy’s cautious approach reflects a broader pullback in its recent buying pace. The company made only two acquisitions in July, purchasing 4,225 BTC on July 14 and another 6,220 BTC on July 21 — a total of 10,445 BTC for the month, down 39% from June’s 17,075 BTC.

This slowdown becomes more pronounced when compared to earlier months:

May 2025: 26,695 BTC purchased
April 2025: 25,370 BTC purchased

The only other time this year Strategy skipped a weekly buy was in early April.

While BTC buys slowed, Strategy made a significant move on the fundraising front. On Friday, the company announced that it upsized its Series A perpetual stretch preferred stock (STRC) offering from $500 million to $2.521 billion.

Priced at $90 per share, the STRC issuance is set to settle on Tuesday, pending standard closing procedures. This funding mechanism is similar to the firm’s previous equity offerings, including the STRK program, and is designed to gradually raise capital to fund further Bitcoin purchases.

Saylor’s “Bitcoin Defense Department” in Action

On Wednesday, Strategy co-founder Michael Saylor referred to the STRC offering as one of the four pillars of the company’s “Bitcoin defense department”, underscoring its role in strengthening Strategy’s position as a long-term BTC accumulator.

Despite the recent pause in activity, the company’s infrastructure — including equity offerings like STRC — remains focused on growing its Bitcoin holdings in the long term, albeit at a slower pace in the short term.

While the company’s buying activity slowed in July, Strategy’s continued financial engineering signals it’s far from stepping back from Bitcoin. With the STRC offering injecting fresh capital into its war chest, the pause may be more about timing than strategy.

As Bitcoin trades near all-time highs and macroeconomic uncertainty looms, investors and market watchers will be looking closely to see when Strategy makes its next move.