Strategy, the biggest company in the world that owns Bitcoin, didn’t buy any more BTC last week. This broke a streak of weekly purchases that started on April 14.
Right now, Strategy owns 597,325 Bitcoins which are worth more than $64 billion. The company bought them for about $42.4 billion in total, at an average price of $70,982 per Bitcoin. That means it holds over 2.8% of all the Bitcoin that exists at the moment.
Strategy Chairman and co-founder Michael Saylor wrote on X: “Some weeks you just need to HODL,” suggesting that the company decided to take a break from buying more Bitcoin.
$14 Billion in Unrealized Bitcoin Profit in Q2
In a new filing with the U.S. Securities and Exchange Commission (SEC) on Monday, Strategy said it bought almost $7 billion worth of Bitcoin during the second quarter.
The company said its Bitcoin holdings went up in value by $14.05 billion, as the price of Bitcoin rose from about $82,000 to $108,000 in that time. Because of this increase, Strategy also recorded a future tax expense of around $4.04 billion.
Strategy also announced that it has made a deal to sell up to $4.2 billion worth of a special type of stock called 10% Series A Perpetual Stride Preferred Stock (called STRD). The shares will be sold for $0.001 each as part of a new “at-the-market” plan.
Just like its $21 billion STRK ATM plan, this new offering is a way for Strategy to raise money by slowly selling new shares. The company plans to use the money to buy more Bitcoin.
Strategy’s latest news comes as more companies are trying to follow its example of using Bitcoin as part of their financial strategy. The company started buying large amounts of Bitcoin in 2020, led by Michael Saylor.
On Monday, Metaplanet, which calls itself the “Strategy of Japan”, said it bought another 2,205 Bitcoin. This brings its total to 15,555 BTC, worth over $1.6 billion.
Other companies like Semler Scientific, Trump Media, and GameStop have also recently invested in Bitcoin.