• Strategy Inc paused Bitcoin purchases last week while raising $82 million through equity issuance.
  • The firm's BTC holdings remain unchanged at 818,334 BTC, with an average cost of $75,537 per coin.
  • The company still has $26.4 billion in capacity under its stock program, signaling potential future acquisitions.

Strategy Inc Hits the Brakes on Bitcoin Accumulation

Strategy Inc, the corporate Bitcoin behemoth formerly known as MicroStrategy, took a breather from its aggressive cryptocurrency buying spree last week. According to a regulatory filing, the company sold 492,210 shares, raising approximately $82 million, but made no new Bitcoin purchases.

The pause marks a shift for the firm, which has been one of the most prominent corporate buyers of Bitcoin, using equity issuance to fund its treasury strategy. Holdings remain at 818,334 BTC, with an average purchase price of $75,537 per coin. At current Bitcoin prices near $67,000, the portfolio is under water on a cost basis, though the company has historically held through volatility.

Equity Issuance Continues Despite Buying Freeze

While Bitcoin purchases halted, the company continues to tap its at-the-market stock program. The $82 million raised last week adds to the tens of billions raised over the past year. According to the filing, Strategy still has $26.4 billion in capacity remaining under its stock program, underscoring its ability to resume buying at any time.

Analysts note that the pause could be tactical. “They might be waiting for a better entry point or managing dilution concerns,” said one analyst who tracks the company. “But the equity machine keeps running.”

The company’s reliance on stock sales to fund operations and Bitcoin purchases has drawn criticism from some investors, who warn of dilution. Others view it as a bold bet on cryptocurrency’s long-term appreciation.

Market Reaction and Outlook

Shares of Strategy rose 2.3% in early trading on Monday, as the market digested the news. The stock has been volatile this year, tracking Bitcoin’s price swings and the company’s frequent capital raises.

“The pause could signal a strategic shift, but with $26.4 billion in dry powder, I wouldn’t rule out a massive buy if Bitcoin dips,” said a portfolio manager at a crypto-focused fund. The company has not commented on future plans, and attempts to reach Strategy for comment were not immediately successful.

Correction: An earlier version of this article misstated the amount raised. It is $82 million, not $82 billion.