Bitcoin treasury company Strategy did not buy or sell any bitcoin in the week to July 26, holding its stack at 843,775 BTC, according to an 8-K filed with the U.S. Securities and Exchange Commission. The pause extends a five-week streak without BTC purchases since its last buy of 520 BTC on June 22.

Strategy’s holdings, equivalent to more than 4% of bitcoin’s 21 million supply cap, were valued at roughly $54 billion as of the filing. The firm said its aggregate cost basis is around $63.69 billion, or an average of $75,476 per bitcoin including fees and expenses, implying multi-billion-dollar unrealized losses at current market prices.

Over the same week, Strategy increased its USD reserve by $525 million to $3.75 billion, up from $3.225 billion as of July 19. The company said the cash reserve, funded in part by recent share sales, now covers about 2.1 years of dividend obligations on its preferred stock as well as interest payments on its debt.

Strategy also repurchased 288,930 shares of its STRC preferred stock for $25 million during the week under a digital credit securities repurchase program launched in June. The moves underscore a continued pivot toward balance-sheet management and liquidity buildup alongside its BTC treasury strategy.

Despite the recent sales and pause in buying, President and CEO Phong Le told Bloomberg TV that Strategy intends to remain a long-term bitcoin buyer, adding the firm would only begin to more closely consider debt risk if BTC falls to around $8,000 to $10,000. He said the company currently feels "very secure" about its balance sheet.

JPMorgan analysts described Strategy’s larger USD reserves and improving institutional demand in bitcoin futures as "encouraging signs" for the broader bitcoin outlook, even as spot BTC ETF flows remain volatile. CryptoQuant analysts said the company’s capital management approach helps address prior liquidity concerns but argued Strategy still needs a systematic framework for timing BTC purchases and a disciplined plan for selling into future bull markets.

According to Bitcoin Treasuries data cited in the report, 197 public companies have adopted some form of bitcoin acquisition model. Tether-backed Twenty One, Japan-listed Metaplanet, Marathon Digital Holdings (MARA) and Adam Back and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company round out the top five corporate BTC treasuries, holding 43,514 BTC, 43,000 BTC, 36,303 BTC and 30,021 BTC, respectively, behind Strategy.

Separately, Strategy executive chairman Michael Saylor published a 110-point essay titled "110 Reasons BIP 110 Is a Bad Idea," laying out his opposition to the proposed BIP-110 soft fork that would restrict arbitrary data on Bitcoin. The piece was released ahead of the proposal’s mandatory signaling window in early August, with miner support at 0% as of July 26 on public trackers.

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