Strategy, the largest corporate holder of Bitcoin, has paused its purchases, ending a lengthy streak of asset accumulation.
Reasons for Halting Bitcoin Purchases
Chairman and co-founder Michael Saylor noted on Twitter that sometimes it’s simply necessary to HODL. This pause comes after a period of regular Bitcoin purchases which lasted until April 14.
Strategy's Financial Performance in Q2
According to a recent filing, Strategy added nearly $7 billion in Bitcoin during Q2, resulting in an unrealized profit of $14.05 billion due to a price increase from around $82,000 to $108,000. Consequently, the company also incurred roughly $4.04 billion in deferred tax expenses.
Other Companies Follow Strategy's Lead
The recent announcement from Strategy has inspired other companies to ramp up their Bitcoin treasury plans. For instance, Japan's Metaplanet announced it has added another 2,205 BTC to its balance sheet, bringing its total to 15,555 BTC (over $1.6 billion). Other companies like Semler Scientific, Trump Media, and GameStop have also recently begun investing in Bitcoin.
Strategy's pause in Bitcoin purchases and the growing interest from other organizations highlight increasing attention to cryptocurrencies among corporate investors.
