Strategy Rebuilds Cash Pile, Halts Bitcoin Purchases for Now

Strategy, the world's largest corporate holder of Bitcoin (BTC), has halted its cryptocurrency purchases for over a month. The company has instead focused on rebuilding its cash pile, following advice from some experts. In a recent tweet, Michael Saylor, co-founder and former CEO of Strategy, announced that the firm has increased its USD reserve by $525 million.

This brings the total USD reserve to $3.75 billion, enough to cover 2.1 years of dividend payments. The company achieved this through its ATM program, which allowed it to sell 5.4 million shares in the past week and raise the necessary funds. Despite selling BTC recently, Strategy's Bitcoin stash remains unchanged at 843,775 BTC, currently valued at just over $56 billion given the asset's price of $65,000.

The reason for this pivot came when STRC, the company's stretch stock used to raise funds to buy BTC, dumped far away from its par price of $100. Its low came a month ago at under $75, but it has since recovered to $87.