Strategy Skips Bitcoin Buy, Establishes USD Cash Reserve

The pause is notable less for what it says about bitcoin than for what it says about Strategy's balance sheet: a company whose equity story has been built around relentless accumulation is now holding USD reserves instead. That shift matters to shareholders who bought the stock as a leveraged bitcoin proxy, and to a market that has treated Strategy's purchases as a recurring source of demand. Whether this is a one-week pause or the start of a different treasury posture is the open question.