Strategy’s Bitcoin hiatus lifts market sentiment, Bitfinex says

Between late May and early August, Strategy disposed of 6,948 BTC, a move that analysts at Bitfinex noted had a disproportionate impact on trader sentiment. While these sales represented only a fraction of daily spot volume, the company’s status as the world’s largest corporate Bitcoin holder meant that every Monday filing sparked fears of a recurring supply shock. This uncertainty lingered even as the firm’s holdings, now totaling 840,447 BTC, returned to profitability with Bitcoin trading above the $75,385 average acquisition cost.

Management has pivoted to raising capital through equity rather than asset liquidation. Strategy secured $2.01 billion in net proceeds by issuing approximately 18.26 million MSTR common shares between August 17 and August 23. These funds have been diverted toward building a $6.69 billion cash reserve and repurchasing preferred stock, effectively creating a buffer that covers nearly three years of payment obligations. According to Bitfinex, this strategy signals that the company currently prefers equity dilution over selling its Bitcoin treasury. While President and CEO Phong Le has indicated that accumulation will resume in 2026, the firm remains in a neutral position for now, prioritizing debt management and preferred-share stability over immediate expansion of its Bitcoin holdings.