Strategy's Saylor teases 99th Bitcoin buy after $3B cash buildup

Strategy Inc. teased its 99th Bitcoin purchase on July 19, extending a 12-week accumulation streak despite holding $3 billion in cash reserves and having sold Bitcoin earlier this month.

"The company's financial structure would come under pressure only if Bitcoin fell to between $8,000 and $10,000," Phong Le, chief executive officer of Strategy, said in a recent interview, adding that the firm has no plans to abandon its buying strategy.

Strategy holds about 843,775 Bitcoin, making it the largest corporate holder of the asset. The company sold 3,588 Bitcoin earlier this month and has not made a purchase since June 22, while building a $3 billion cash reserve. Its average acquisition cost of roughly $76,000 per coin sits above Bitcoin's recent trading level near $63,900, after the asset fell more than 50% from its all-time high above $126,000.

The purchase signal comes as Strategy's multiple on net asset value sits at 0.90, below the critical 1.0 threshold that determines whether the company can easily issue stock to fund additional purchases. A reading below 1 means the market values the company at less than its Bitcoin holdings — a dynamic that has drawn scrutiny from critics who question the sustainability of its leverage-driven accumulation model.

A $3 Billion Question

The timing of Saylor's signal has puzzled some market participants. Strategy has not added to its position since June 22, its longest pause in months, while simultaneously selling 3,588 Bitcoin and stockpiling $3 billion in cash. The buildup suggests the company may be preparing for a larger-than-usual acquisition rather than the incremental purchases that have characterized its recent activity.

Saylor has framed corporate Bitcoin ownership as structurally inevitable. In a July 18 post on X, he argued that companies provide efficiency, transparency, creditworthiness, scale, resilience and continuity that individuals cannot match, calling corporate adoption "not just useful but structurally necessary" for Bitcoin's path toward becoming global money. Metaplanet, a Japanese firm following a similar playbook, recently became the world's third-largest corporate Bitcoin holder behind Strategy and Twenty One Capital.

The mNAV Squeeze

Strategy's ability to execute large purchases depends on its access to capital markets, and that access has narrowed. The company's mNAV ratio — the premium investors place on its stock above its actual Bitcoin holdings — has fallen to 0.90, below the 1.0 level that Standard Chartered Bank warned in September 2025 would point to distress for crypto treasury companies.

Strategy reported a $12.4 billion fourth-quarter loss earlier this year, triggering a 17% stock decline. Shares have partially recovered, closing at $133.88 on Friday. Ripple CEO Brad Garlinghouse has criticized Strategy's approach, arguing that leverage tied to a single volatile asset carries risks a simple ownership thesis does not address.

Still, Vivek Ramaswamy-backed Strive recently purchased $50 million of Strategy's preferred shares, a vote of confidence that Saylor described as evidence that "the Bitcoin capital stack is taking shape."

This article is for informational purposes only and does not constitute investment advice.