MicroStrategy halts bitcoin buying; stock dips 2%

MicroStrategy did not purchase any bitcoin during the week of June 30 – July 6, marking its first pause in nearly three months of consistent acquisitions. Between April 7 and June 29, the company bought 69,140 BTC for approximately $6.77 billion, at an average price of $97,906 per bitcoin.

Currently, MicroStrategy holds 597,325 BTC, purchased for $42.4 billion at an average cost of $70,982 per unit. At current market prices, the value of these assets is estimated at $64.71 billion. The company’s stock declined by 2% on Monday, while bitcoin dropped by 1.5% in the past 24 hours.

MicroStrategy did not issue new shares last week but announced a sales agreement to potentially issue up to $4.2 billion in preferred stock, funds that could be used for future bitcoin acquisitions.

Meanwhile, Singapore-based Genius Group has increased its bitcoin treasury target tenfold to 10,000 BTC, planning to fund the purchases through convertible bonds, preferred shares, and business revenue.