Saylor Stops Buying?! Strategy Halts Bitcoin Acquisition for First Time in Months

Saylor Stops Buying?! Strategy Halts Bitcoin Acquisition for First Time in Months
Table of Contents

TL;DR

  • Strategy paused its Bitcoin purchases from June 30 to July 6, the first halt since April, keeping its holdings at 597,325 BTC ($65 billion).
  • Michael Saylor’s firm funds buy through at-the-market equity and preferred stock programs, raising $6.8 billion in Q2 and targeting $84 billion in capacity by 2027.
  • Q2 results turned a $5.9 billion Q1 loss into a $14.05 billion unrealized gain, lifting its crypto asset value to $64.36 billion and putting investors on alert.

Michael Saylor’s Bitcoin-buying juggernaut has paused for the first time since April. Between June 30 and July 6, public filings show Strategy bought zero BTC, leaving its stash at 597,325 coins, roughly $65 billion at current prices. After weeks of consistent accumulation, Saylor quipped, “Some weeks you just need to HODL,” underscoring a rare moment of restraint in a strategy famed for relentless corporate treasuries stocked with digital gold.

Fueling the Bitcoin Juggernaut: ATM Programs and Preferred Stock

Strategy funds its purchases through at-the-market equity sales. In Q2, it raised $6.8 billion by selling Class A common shares (MSTR) and three perpetual preferred tickers, STRK, STRF, and STRD, with dividends ranging from 8% to 10%. Under its broadened “42/42” strategy, the company plans to access $84 billion in equity and convertibles by 2027. As of July 6, approximately $18.1 billion of MSTR, $20.5 billion of STRK, and $1.9 billion of STRF capacity were still available in the ATM pipeline.

Q2 Financials Flip the Script

Saylor Stops Buying?! Strategy Halts Bitcoin Acquisition for First Time in Months

The pause coincided with Strategy’s Q2 earnings, which unveiled a $14.05 billion unrealized gain on its Bitcoin holdings, reversing a $5.91 billion loss reported in Q1. That windfall triggered a $4.04 billion deferred tax expense and lifted the digital asset carrying value to $64.36 billion, balanced by a $6.31 billion tax liability. The company also secured a $31.1 million loan facility for capital investments, signaling a cautious but confident posture after quarters of volatility.

Market Reverberations and Competitive Landscape

Strategy’s break comes as more firms pile into Bitcoin treasuries, 135 public companies and rising, including Tether-backed Twenty One and Japan’s Metaplanet. While Strategy’s $110 billion market cap commands a premium to its Bitcoin NAV, analysts debate sustainability: TD Cowen backs the equity-to-BTC loop, but Franklin Templeton warns of feedback risks.

Even a Pomerantz class-action suit targeting alleged misstatements looms. With MSTR shares up 34.6% year-to-date, investors now watch to see if Saylor’s next move reboots the acquisition engine.

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