Strategy Halts Bitcoin Purchases Amid Unrealized Losses
Michael Saylor's company, Strategy (formerly MicroStrategy), has not bought Bitcoin for over four weeks, marking its longest buying drought since at least 2024. The last purchase was on June 22, where they acquired 520 BTC at an average price of $67,068 per coin.
The company had been consistently buying Bitcoin, with a large purchase in April followed by another acquisition on June 8 for roughly $101 million. However, since July 1, there have been no new purchases.
Interestingly, Strategy has generated significant revenue from stock sales between July 13 and 19 alone, netting $263.5 million. Their cash reserves now stand at a substantial $3.225 billion.
The reason behind the pause in buying is attributed to a report by CryptoQuant on June 25, which advised Strategy to halt acquisitions due to its existing Bitcoin position sitting on unrealized losses. The firm may be prioritizing rebuilding cash reserves over adding more exposure to the volatile asset.