Major institutional investor Strategy (formerly MicroStrategy) has halted Bitcoin purchases this July, marking the first pause since April, indicating a shift in its market strategy.
Halting Bitcoin Purchases
Strategy suspended Bitcoin (BTC) purchases from June 30 to July 6, as disclosed in a filing with the U.S. Securities and Exchange Commission (SEC).
The company currently holds 597,325 BTC valued at $65 billion at an average purchase price of $70,982 per BTC. This marks the first disruption in Bitcoin purchasing since April.
"Some weeks you just have to HODL," said Strategy co-founder Michael Saylor.
Q2 Financial Results
Following the halt in Bitcoin purchases, Strategy released Q2 results on Monday, disclosing an unrealized gain of $14.05 billion in digital assets and a deferred tax expense of $4.04 billion.
New $4.2 Billion Program
Despite pausing Bitcoin purchases, Strategy announced the launch of a $4.2 billion At-The-Market offering program for its 10% Perpetual STRD Preferred Stock.
The company plans to sell STRD shares gradually and orderly, depending on market price and trading volume. Proceeds will be used for various purposes, including purchasing Bitcoin.
The halt in Bitcoin purchases by Strategy and the launch of the new $4.2 billion program highlight changes in the company’s strategy and its approach to asset management in the face of market uncertainty.
