The company paused Bitcoin buying for a second straight week, directing share-sale proceeds to cash even as Bitcoin rose to $66,886 and lifted Strategy, Coinbase and Marathon Digital shares.
Strategy said it did not make its usual Bitcoin purchase for a second consecutive week, instead directing share-sale proceeds to dollar reserves. The older report said the company raised $263.5 million, while the newer report said it sold $225 million of MSTR shares for its cash reserve; both reports said the funds were kept in cash rather than used to buy Bitcoin. The move left Strategy with more than $3.2 billion in dollar reserves. Even as Strategy held back from buying, Bitcoin rose to $66,886 on Tuesday, its highest level in more than a month, helping lift Strategy above $100 per share, Coinbase up 11% and Marathon Digital up more than 6%. Strategy, formerly MicroStrategy, holds 843,775 BTC worth about $56.2 billion at current prices.