Michael Saylor has not bought Bitcoin for a month, and that’s worth paying attention to

For a company that has made Bitcoin accumulation its entire personality, four weeks of radio silence is deafening. Strategy, the firm formerly known as MicroStrategy, has not added a single satoshi to its treasury since late June, marking the longest buying drought since at least 2024. The last purchase was a modest 520 BTC on June 22, acquired at an average price of $67,068 per coin. Before that, the company picked up 1,550 BTC on June 8 for roughly $101 million. Then the buying just stopped. What’s behind the pause While Bitcoin purchases have flatlined, stock sales have not. Between July 13 and July 19 alone, Strategy generated $263.5 million in net proceeds from share sales. The company’s cash reserves have swollen to $3.225 billion. The timing isn’t accidental. CryptoQuant, the on-chain analytics firm, published a report on June 25 explicitly urging Strategy to pause acquisitions. The reasoning: the company’s existing Bitcoin position was sitting on unrealized losses, and rebuilding cash reserves should take priority over adding more exposure to a volatile asset. Strategy appears to have listened, or at least arrived at the same conclusion independently. The result is a compan...