tl;dr
Strategy, a leading Bitcoin treasury firm, paused its weekly Bitcoin purchases after a streak starting April 14, with Chairman Michael Saylor indicating a decision to hold for now. The company has accumulated nearly $65 billion in Bitcoin, adding about $7 billion in Q2. Instead of buying Bitcoin, St...
Strategy, a leading Bitcoin treasury firm, paused its weekly Bitcoin purchases this week, ending a streak that began on April 14. Michael Saylor, Strategy’s Chairman and co-founder, indicated on X (formerly Twitter) that sometimes “you just need to HODL,” signaling the firm’s decision to hold steady for now. The company has accumulated nearly $65 billion worth of Bitcoin, adding roughly $7 billion during Q2, according to its recent 8-K filing.
Instead of buying Bitcoin, Strategy announced a $4.2 billion at-the-market program to offer its preferred stock, STRD. Saylor previously described STRD as the “fourth gear” in the company’s Bitcoin strategy, targeting investors seeking high yield with less sensitivity to Bitcoin price volatility. The preferred stock is described as “long-duration, high-yield, over-collateralized,” designed for yield-focused investors wanting strong collateral coverage. The company raised nearly $1 billion from STRD sales in early June and has two other preferred offerings, STRK and STRF, each with unique dividends and redemption features. Proceeds from these sales are used to purchase more Bitcoin.
With close to 600,000 Bitcoin in its treasury, Strategy now controls over 2.8% of the total Bitcoin supply. The firm reported an unrealized gain of $14.05 billion from Bitcoin appreciation in Q2. Bitcoin itself recently dipped 0.7% to $108,110 but has gained about 2.3% over the past month. Strategy’s stock (MSTR) moved in line with major indices on Monday, declining roughly 0.75% to $400.96, while showing nearly 39% growth year-to-date.