Strategy has gone five consecutive weeks without a disclosed bitcoin purchase, the longest such pause since the company made cryptocurrency accumulation its defining corporate strategy. The firm last reported holding 843,775 BTC acquired for $63.69 billion, an average cost of roughly $75,476 per coin.
The hiatus coincides with a structural funding constraint. Strategy's Variable Rate Series A Perpetual Preferred Stock (STRC) closed July 31 at $89.46, about 10–11% below its $100 par value, despite the dividend rate sitting at a record 12% — the highest since the security launched at 9% in July 2025. Under STRC's ratchet mechanism, the dividend rises 0.5 percentage points whenever the stock trades below $95; once triggered, increases are irreversible. The rate has climbed through seven consecutive monthly adjustments, yet the share price has not returned to par since mid-May, touching a low of $71.25 in June.
CEO Phong Le confirmed in a Bloomberg interview that STRC's recovery to par is now the explicit gating condition for the next bitcoin purchase. "When Stretch gets back to par, we'll issue more. We'll buy more Bitcoin," Le said, offering no timeline. The persistent discount has forced Strategy to pause new STRC issuance through its at-the-market program, cutting off a primary capital channel for bitcoin acquisitions. In the April purchase that pushed holdings past 800,000 BTC, STRC ATM proceeds supplied roughly 86% of the $2.54 billion raised.