Strategy's bitcoin accumulation paused briefly this week.

On May 25, blockchain media outlet CoinPost reported that Michael Saylor (마이클 세일러), who leads Strategy, wrote on his X account, formerly Twitter: "This week we bought bonds, not bitcoin. The BitVac is charging."

The “BitVac” Saylor referred to is a portmanteau of bitcoin and vacuum cleaner. It refers to Strategy’s buying method of accumulating large amounts as if it were vacuuming up bitcoin from the market. By saying the “BitVac is charging,” Saylor signalled that while purchases have paused for now, efforts may be under way to secure capacity for additional buying.

Market attention is focused less on the pause itself than on the timing of the next large-scale purchase. Saylor’s social media comments have been viewed as signals of additional bitcoin buying by Strategy, and participants continued to interpret whether his latest remark marked only a temporary pause.

In the prior week, Strategy spent about $2 billion to buy an additional 24,000 bitcoin. The company also said in a May 18 filing that it acquired 24,869 bitcoin for about $2.01 billion, at an average purchase price of about $80,985 per bitcoin.

That purchase lifted Strategy’s total holdings to 843,738 bitcoin. Its total acquisition cost is about $63.87 billion, with an average cost of about $75,700 per bitcoin. The market is also again paying attention to the fact that Strategy has secured more than 170,000 additional bitcoin this year alone, absorbing supply at a pace that far exceeds new mining output.

Against that backdrop, attention is also turning to the reasons for this week’s bond purchase. Around the ex-dividend date for its preferred shares STRC, Strategy issued new shares worth about $2 billion and recently used the proceeds as funding for bitcoin purchases. It is also planning to repay $1.5 billion in convertible bonds maturing in 2029, prompting speculation that the bond purchase could be part of its cash management.

The key point is that Strategy is continuing to refine its financing structure even as it adjusts the pace of purchases. Saylor’s direct statement that he did not buy bitcoin this week confirms a near-term gap, but the market is instead watching whether the next disclosure brings another large purchase. In the past, Saylor’s X posts have often appeared ahead of actual buying announcements.

As a result, whether Strategy makes its next bitcoin purchase is again drawing attention not only as a signal of expanding holdings, but also as a gauge of the company’s funding strategy and the pace at which it absorbs supply in the market.

This week we bought bonds, not bitcoin. The ₿itVac is charging. pic.twitter.com/yUpVNiNTPT