Strategy Pauses Bitcoin Purchases, Doubles Preferred Share Buyback Plan

Strategy, a company that focuses on Bitcoin, has announced that it will pause its purchases of the cryptocurrency. Instead, it will double the amount allocated for repurchasing its preferred shares.

The company spent $176.3 million buying back 1,810,885 STRC preferred shares during the latest reporting period. Its total allocation for digital credit securities repurchases has been doubled from $1 billion to $2 billion.

This move does not necessarily mean that Strategy will stop buying Bitcoin altogether. The company's treasury remains sensitive to Bitcoin prices and its value could be affected if the price drops around its average acquisition cost of $75,412 per coin.