Strategy exists to buy bitcoin. So last week raised eyebrows.
The company sold $209 million in stock. Then it spent less than half on coins and parked the rest in cash.
Strategy is the company Michael Saylor runs. It added 1,587 bitcoin for $100 million.
That lifts its pile to 846,842 coins. It is by far the largest stack any public company holds.
Here is the odd part. Strategy paid about $63,024 a coin this time.
That is well below its own average cost of about $75,656. So the company is underwater, which means its coins are worth less than what it paid.
It bought more anyway.
Strategy adds to its pile most weeks, not just on dips.
Strategy started buying bitcoin back in 2020. Since then it has bought more of it than any other public firm.
The company funds its buys mostly by selling new shares and preferred stock. That lets it avoid selling coins to raise cash.
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To pay for the buy, Strategy sold about 1.7 million shares. That raised $209 million, more than double what it spent on coins.
The extra cash did not sit idle. But it did not turn into bitcoin either.
Instead, the company grew its cash reserve by $100 million, to $1.1 billion. That is a real shift for a firm whose whole job is turning dollars into bitcoin.
It also still has room to sell billions more in stock later.
Other firms have copied the playbook, but none at Strategy's size.
The cash matters because of what came right before. In late May, Strategy made its first sale of bitcoin since 2022.
It let go of 32 coins for about $2.5 million. The money helped cover payments on its preferred stock.
Critics pounced. Peter Schiff and others said Saylor was going back on his word.
For years he had told people to never sell their bitcoin. Saylor split that advice from company strategy.
"I said to you, never sell your Bitcoin. I never said that the company wouldn't sell its Bitcoin," he said.
After the sale, Strategy went right back to buying. It has stayed a net buyer the whole time.
Strategy's stock closed near $124 in mid-June. That is a long way down from its high of $457 over the past year.
The stock is down about a third so far in 2026. Bitcoin has cooled since last year's highs, which let Strategy buy cheaper.
The slide tracked bitcoin, which now trades near $66,000. That price sits below the $75,656 the company paid on average.
Last quarter Strategy booked a big paper loss, even as sales rose. Its preferred stock now pays a dividend twice a month.
A company built on never selling now holds more cash than it spends on bitcoin.
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