Did the math, and it’s been 56 days since the 'Federal Reserve of crypto' stopped buying Bitcoin The last time Strategy publicly disclosed a BTC purchase was on June 22, when they bought 520 BTC. Since then, a full 8 weeks have passed without any new buys. Instead, they’ve sold a total of 6,916 BTC, reducing their holdings from 847,363 BTC to the current 840,447 BTC. Recently, Strategy added another $150 million to their USD reserves, bringing the total to $4.8 billion—enough to cover about 2.8 years of interest payments and preferred stock dividends. At the same time, they used $132 million to buy back STRC, lowering STRC’s BTC credit spread by 4bp to 114bp. In the past, whenever they secured financing, their first move was to buy Bitcoin. Now, when financing comes in, part of it goes to stockpiling USD, part to paying dividends, and part to buying back STRC. Saylor would rather hold off on buying BTC for now to first convince the market of this: Strategy’s cash flow won’t dry up, preferred stock dividends will be paid on time, and the digital credit they issue is still worth buying. Right now, Saylor’s 840k BTC is the reserve, $4.8 billion is the safety net, and STRC’s credit spread is the accelerator.