Strategy pauses bitcoin buying after Saylor’s BitVac post

Strategy Inc. paused disclosed bitcoin purchases after Michael Saylor posted on X on May 24 that the company “bought bonds, not bitcoin” and that its “BitVac” is “charging.” The company’s dashboard showed holdings of 843,738 BTC.

On May 18 the company disclosed adding 24,869 BTC for about $2.01 billion at an average price near $80,985 per coin, bringing total holdings to 843,738 BTC. The disclosed bitcoin stock was acquired for about $63.87 billion at an average cost near $75,700 per bitcoin. The dashboard listed the bitcoin reserve value near $64.45 billion.

The May 24 post drew attention to bond and funding activity. On May 15 the company moved to repurchase roughly $1.5 billion of 0% convertible senior notes due in 2029. Filings state those repurchases can be settled in cash, stock, bitcoin sales or other funding.

The firm’s dashboard and filings show $2.25 billion in U.S. dollar reserves, $8.254 billion in debt, $15.479 billion in preferred stock and $1.712 billion in annual dividends. The dashboard also listed 37.6 years of BTC dividend coverage and 15.8 months of U.S. dollar dividend coverage.

Additional metrics on the dashboard included a 1.21 multiple to net asset value, 9% net leverage, $77.71 billion in enterprise value and $42.431 billion in open interest. The company reported a 12.6% BTC yield for 2026 and reiterated plans to retire $1.5 billion of the 2029 convertible notes.

CEO Phong Le wrote on May 10, “Strategy’s success is rooted in more than bitcoin on our balance sheet. It is built on a scaled enterprise software company.”

Saylor has used the term “BitVac” to describe the firm’s accumulation effort and wrote that it is “charging.” Investors are monitoring future financing filings and dashboard updates for any disclosed purchases or other funding activity. The company has not disclosed additional bitcoin purchases since the May 18 disclosure.