Strategy (MSTR) is the largest institutional holder of Bitcoin (BTCUSD). Over the last six years, it has purchased more than 800,000 BTC, currently worth more than $50 billion. Strategy has raised equity and debt capital several times to purchase the digital asset. However, it recently spent money on preferred stock, which caught investors’ attention.

For long-time watchers of Michael Saylor’s Bitcoin treasury company, this is a notable change in behavior. Here’s what happened — and what it could mean for investors holding MSTR stock.

Strategy Skips Bitcoin Buying for Third-Straight Week

Strategy reportedly did not buy or sell any Bitcoin between July 20 and July 26,…