Strategy left its Bitcoin holdings unchanged at 843,775 BTC for the week ended July 19 while selling about 2.73 million Class A shares for roughly $263.5 million and increasing its designated dollar reserve by $225 million to about $3.225 billion. The company reported no sales through its four preferred-stock offering programs and has now gone four straight weeks without a Bitcoin purchase. The reserve buildup is aimed at supporting a capital structure that carries about $1.76 billion in expected annual dividends and interest expense, giving the cash buffer coverage of roughly 22 months and exceeding the 12-month minimum under a board-approved policy. The pause in Bitcoin buying follows a late-June purchase and an early-July sale that reduced holdings from 847,363 BTC to 843,775 BTC, leaving the company with about $63.7 billion invested in Bitcoin at an average cost of roughly $75,476 per coin and an unrealized loss of more than $9.4 billion at recent prices. With more than 7.5 million common shares issued over the past two weeks and no corresponding increase in Bitcoin holdings, Strategy’s quarter-to-date BTC Yield fell to -2.3%, BTC Gain to -19,247 BTC and BTC dollar gain to -$1.2 billion, even as year-to-date figures remained positive. The company’s focus has shifted toward reinforcing support for its preferred securities, including STRC, whose discount to its $100 stated value has weighed on Strategy’s funding channel for future Bitcoin purchases.