Strategy pauses Bitcoin buying, authorises $1bn buyback and Bitcoin sales in capital management pivot
Published on 07/01/2026 at 18:56 | Redaktion boerse-global.de
The company that built its reputation as the world’s most aggressive Bitcoin accumulator has turned a corner. For the first time in recent memory, Strategy spent an entire week – 22 to 28 June 2026 – without adding a single coin to its vault. Instead, it raised $1.15bn through a share sale and parked the proceeds in cash, triggering a board-level overhaul of how the company deploys its capital.
That $1.15bn came from the sale of 12.7 million Class A shares. The cash was not used to buy Bitcoin. It landed in the dollar reserve, which now stands at $2.55bn. According to the company’s internal calculations, that sum is sufficient to cover roughly 17 months of dividend and interest obligations, which run at about $1.76bn per year. The board has formalised a minimum liquidity policy requiring at least twelve months of coverage from the dollar reserve.
A new toolbox for the balance sheet
The same SEC filing that revealed the Bitcoin buying hiatus also authorised two separate $1bn buyback programmes – one for digital credit securities and one for the company’s own Class A common stock. Neither programme has an end date, and neither obliges Strategy to execute any purchases. But the market reacted immediately: shares surged nearly 9% to €82.72 following the announcement.
Yet the stock remains deep in the red. Year-to-date losses now exceed 42%, and the 52-week low of €71.91 was touched as recently as 26 June. At current levels the equity is trading more than 80% below its 52-week high of €391.80. The 200-day moving average sits at €150.66, a level the shares have not seen in months. Annualised volatility of roughly 87% underscores the risk embedded in the paper.
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Monetising Bitcoin for three specific purposes
Perhaps the most significant change is the board’s formal authorisation to sell Bitcoin – something Strategy had never done in earnest. The company may now sell up to $1.25bn worth of digital assets, but only for three defined reasons: to replenish the dollar reserve, to fund preferred-stock dividends and interest payments, or to finance approved share repurchases. Any sale outside those boundaries requires a fresh board resolution.
The Bitcoin holdings themselves remained static at 847,363 BTC, acquired at an average cost of $75,651 per coin, for a total book value of $64.1bn. That arsenal now serves a dual purpose: as a long-term store of value and as a potential source of liquidity for capital management.
A paradigm shift for Stammaktionäre
For common shareholders, the implications are mixed. On one hand, the new buyback authority gives management a direct tool to combat the dilution that has plagued the stock as shares were issued to fund Bitcoin purchases. On the other, the $1.15bn share sale that filled the cash reserve was executed into a weak market, further diluting existing holders.
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CEO Phong Le has described the moves as a clear strategic pivot away from relying solely on equity issuance and toward "active capital management". The toolbox now includes share repurchases, debt repayment, and the ability to monetise Bitcoin. Whether this shift is interpreted as strength or as a defensive reaction to a battered stock price will likely determine the trajectory of Strategy’s shares in the weeks ahead. For now, the company has signalled that the era of relentless, single-minded Bitcoin accumulation is over.
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