Strategy Pauses Bitcoin Purchases Amid Market Volatility
Strategy, the Bitcoin treasury firm, has paused its Bitcoin purchases for five weeks. This marks the third consecutive week without buying or selling any BTC, following a two-week period where the company sold a total of 3,588 BTC for $216 million under its new BTC monetization program.
The program is designed to bolster Strategy's cash reserve and support dividend payments, with the company increasing its US dollar reserves by $525 million over the past week. Despite this, Strategy has refrained from buying any new Bitcoin.
Strategy still holds 843,775 Bitcoin worth $54.75 billion at time of writing, as well as $3.75 billion in cash reserves. The company's chairman, Michael Saylor, noted that it also repurchased 288,930 shares of STRC for $25 million at an average price of $86.52 per share.