Michael Saylor’s Strategy, the world’s largest public holder of Bitcoin, reported no Bitcoin buys last week despite the asset seeing volatility after breaking all-time highs in mid-July.
Strategy’s Bitcoin (BTC) holdings remain unchanged at 607,770 BTC as the company opted not to buy more BTC last week, according to a US Securities and Exchange Commission filing on Monday.
The price of Bitcoin climbed from around $118,000 to more than $119,000 over the course of the week, despite Strategy’s inactivity and a reported 80,000 BTC sale by an early investor last Friday, according to data from CoinGecko.
The latest missed purchase marks the second time in July that Strategy has reported no weekly BTC acquisitions, following a similar absence of buys in the first week of the month.
Strategy BTC buys drop 39% month-over-month
The latest pause highlights a broader slowdown in Strategy’s July buying activity. The company reported two weekly Bitcoin acquisitions in July: a 4,225 BTC purchase on July 14 and another 6,220 BTC purchase on July 21.
Its current total BTC buys in July are down 39% from the 17,075 BTC purchased in June.
The company bought even more Bitcoin in the previous months, reporting purchases of 26,695 BTC in May and 25,370 BTC in April.
Related: Strategy launches Bitcoin stock pegged at $100 to increase treasury
Prior to skipping the previous buy in the first week of July, Strategy previously reported no buys in the first week of April.
Strategy upsized STRC offering last week
The slowdown in Strategy’s Bitcoin buying came amid the company officially upsizing its Series A perpetual stretch preferred stock (STRC) to $2.521 billion from the initially planned $500 million last Friday.
With the STRC priced at $90, the issuance and sale are scheduled to settle on July 29, subject to customary closing conditions.
Similar to four other Strategy offerings, including the Series A perpetual strike preferred stock (STRK), the new STRC program is an equity-raising mechanism designed to allow the company to gradually sell newly issued shares to buy more Bitcoin.
On July 23, Strategy co-founder Saylor took to X to refer to STRC as one of the four pillars of the “Bitcoin defense department.”
Magazine: Bitcoin inheritances: A guide for heirs and the not-yet-dead
