WuBlockchain
Strategy Executive Chairman Michael Saylor said on X this week that the company bought bonds rather than Bitcoin, breaking a streak of weekly BTC acquisitions that dates back to August 10, 2020.
Why it matters
The accompanying chart shows Strategy's Bitcoin reserve at approximately $64.45 billion as of May 24, 2026, with total holdings of 843,738 BTC at an average cost of $75,701. The company has logged 110 purchases since the buying program began — making any single week without an add-on a data point for the market, not a footnote.
A pause doesn't unwind the thesis. It reframes it: Strategy is a capital allocator that sometimes waits, not a forced buyer that has to absorb every issuance window.
Market impact
The bonds-versus-Bitcoin pivot matters most for the cohort of investors who model Strategy's mNAV and convertible-issuance cadence against weekly BTC accumulation. A skipped week resets that assumption. The $75,701 average cost — versus a market that values the stack around $64.45 billion — keeps the position comfortably in the green on a mark-to-market basis, leaving the company room to be patient about when the next buy prints.
Frequently asked questions
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Why did Strategy buy bonds instead of Bitcoin this week?
Executive Chairman Michael Saylor said on X that the company bought bonds rather than BTC this week, breaking a 110-week acquisition streak that began August 10, 2020.
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How much Bitcoin does Strategy currently hold?
Per the accompanying chart, Strategy held 843,738 BTC as of May 24, 2026, at an average cost of $75,701 and a reserve value of approximately $64.45 billion.
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What is Strategy's average cost basis on its Bitcoin?
Strategy's average cost across all 110 purchases stands at $75,701 per BTC, against a reserve value of roughly $64.45 billion as of May 24, 2026.
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Does skipping a weekly buy change Strategy's Bitcoin thesis?
No. The pause doesn't unwind the position — it reframes Strategy as a capital allocator that sometimes waits, rather than a forced buyer that must absorb every issuance window.
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What does a skipped week mean for Strategy's mNAV and convert cadence?
Investors who model Strategy's mNAV and convertible-issuance pace against weekly BTC accumulation will treat a skipped week as a reset of that assumption, even though the 843,738 BTC stack and $75,701 average cost are unchanged.
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