Corporate bitcoin treasury firm Strategy refrained from acquiring any bitcoin during the previous week. The Nasdaq-traded enterprise disclosed that it opted to purchase $139 million worth of its STRC preferred stock instead.
An SEC filing submitted on Monday revealed that the organization bought back 1.42 million shares of STRC preferred stock for approximately $139.3 million in the timeframe between September 8 and September 13.
The firm presently holds 845,050 bitcoins valued at $66.2 billion at current market rates, alongside two distinct cash reserves: a USD Reserve containing $5.1 billion and USD Cash holding $1.3 billion.
As the premier corporate holder of bitcoin, Strategy shifted its strategy this year, moving away from regular cryptocurrency acquisitions to focus on stock repurchases and cash accumulation.
The enterprise even liquidated minor portions of its bitcoin reserves on certain occasions, contradicting founder and chairman Michael Saylor’s well-known mantra to “never sell your bitcoin.”
Following a ten-week pause, the organization resumed bitcoin purchases in the final week of August, acquiring nearly $370 million of the top digital asset.
It has not acquired any additional bitcoin since that time.
Shares of the company on the Nasdaq exchange (MSTR) advanced by 3% during Monday’s trading session. The equity has declined by more than 75% since reaching an all-time high in November 2024, which occurred one month prior to bitcoin surpassing the long-anticipated $100,000 milestone.
Formerly known as MicroStrategy, Strategy is an enterprise software developer that transitioned into acquiring and accumulating bitcoin beginning in 2020.
The company initially acquired the digital currency to shield investors from inflation before aggressively expanding its holdings and transforming into a dedicated bitcoin treasury.
Strategy has stood by its recent cryptocurrency liquidations, with CEO Phong Le stating that the firm now maintains an unshakeable financial foundation.
During the corporate quarterly financial report in July, Strategy reported an $8.22 billion deficit. Nonetheless, Le assured stakeholders that the enterprise’s existing unrealized loss was insignificant.
“We’re the J.P. Morgan of the crypto economy, so whether we sell 1,000 bitcoin out of 840,000 to me is irrelevant to the conversation,” Le remarked in a later discussion.
Originally published at https://bitcoinmagazine.com/news/strategy-again-skips-bitcoin-buy.
