The Bitcoin treasury firm Strategy (MSTR) has extended its pause on BTC purchases to five weeks.
The company announced on Monday that it had increased its US dollar reserves by $525 million over the past week, though it refrained from buying any new Bitcoin.
It’s Strategy’s third consecutive week without buying or selling any BTC. Those three weeks were preceded by a two-week period where the firm sold a total of 3,588 BTC for $216 million.
The sales, which sparked headlines across the crypto sector, materialized under the Strategy’s newly introduced BTC monetization program, designed to bolster the firm’s cash reserve and support dividend payments.
The company still holds 843,775 Bitcoin worth $54.75 billion at time of writing, as well as $3.75 billion in cash reserves.
Strategy chairman Michael Saylor noted they also repurchased 288,930 shares of STRC for $25 million at an average price of $86.52 per share. STRC, the firm’s perpetual preferred stock that pays 12.00% annual dividends, is designed to have a par value of around $100.
STRC is trading at $88.32 at time of writing and is up 1.65% on Monday.
Strategy was the first public company to adopt Bitcoin as its sole treasury reserve asset and remains the world’s largest corporate holder of BTC by a wide margin.
The firm’s Class A common stock, MSTR, is down more than 35% year-to-date but up more than 7.6% on Monday.
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The post Michael Saylor’s Strategy’s Bitcoin Purchase Pause Extends to Five Weeks As BTC Tracks Sideways appeared first on The Daily Hodl.
