Why Has Michael Saylor’s ‘Strategy’ Not Purchased Any Bitcoin Over the Past Month?

• Strategy has not added Bitcoin since its 520 BTC purchase on June 22.
• The company raised hundreds of millions through stock sales while holding cash.
• Peter Schiff criticized the falling Bitcoin yield linked to Strategy shares.

Michael Saylor’s strategy has gone more than a month without purchasing Bitcoin, marking its longest buying pause since 2024. The company’s last acquisition came on June 22, when it added 520 BTC at an average price of $67,068 per coin.

The pause comes as Strategy builds its cash position through stock sales instead of adding more Bitcoin to its treasury. The company raised hundreds of millions of dollars from share offerings while maintaining its existing Bitcoin holdings of about 843,775 BTC.

Meanwhile, investor attention has increased after Peter Schiff questioned the impact of Strategy’s recent moves on its Bitcoin yield. Schiff said the company’s Bitcoin yield declined from 13.3% in May to 4.5%, arguing that investors may prefer holding Bitcoin directly.

Strategy Builds Cash Instead of Buying Bitcoin

Strategy’s Bitcoin accumulation strategy has slowed after months of regular purchases. The company bought Bitcoin consistently through early 2026, including a 1,550 BTC purchase on June 8 before the final June acquisition.

However, there has been no trading since the June 22 deal. While the pause was on, Strategy boosted its cash position by selling equity while not increasing its bitcoin holdings.

The company has recently sold out $544.5 million in shares of MSTR, as detailed in recent filings. By moving the funds, Strategy can retain the flexibility of managing its finances, and at the same time, its massive Bitcoin holding won’t change.

In particular, the company has a substantial cash cushion and is keeping a close watch on the market. During the pause, it doesn’t mark a Bitcoin sale, but that strategy is still holding onto its acquired assets.

Peter Schiff Questions Falling Bitcoin Yield

Peter Schiff highlighted Strategy’s declining Bitcoin yield after the company issued more shares without purchasing additional Bitcoin. The metric measures the amount of Bitcoin backing each MSTR share.

According to Schiff, the Bitcoin yield fell to 4.5% after reaching 13.3% on May 25. He argued that issuing more shares without adding Bitcoin reduces the amount of BTC exposure per share.

The decline follows Strategy’s recent stock issuance activity. The company sold 5,429,160 MSTR shares while keeping its Bitcoin holdings unchanged.

However, Strategy previously warned investors about this possibility in its own filings. The company stated that increasing diluted shares faster than Bitcoin holdings could reduce Bitcoin yield and negatively affect Bitcoin per-share metrics.

Related: Samson Mow Clarifies Bitcoin Spam and Ordinals Position Amid BIP-110 Debate

Strategy Faces Pressure From Bitcoin Market Conditions

Strategy’s buying pause comes as the company manages exposure to Bitcoin price movements. The firm’s average purchase price across holdings stands above current market levels, creating pressure on its unrealized position.

Bitcoin traded near $64,762, while Strategy’s average acquisition cost was around $75,476 per BTC, according to recent reports. The difference has increased focus on the company’s approach to future purchases.

Furthermore, cash reserves provide Strategy with more space to maneuver in case the market changes. The company is able to allocate the money it has to other areas of the business or to buy additional bitcoins.

The next big question for investors is whether Strategy starts buying bitcoins again or maintains a liquidity-focused strategy. An important factor for MSTR stockholders is the company’s cash position, along with Bitcoin yield and its plans to use the capital in the future.