Strategy halts bitcoin purchases, raising cash reserves by $748 million last week

Strategy (MSTR), the largest publicly traded holder of bitcoin, boosted its cash reserves by $747.8 million last week.

The company’s “USD Reserve,” a fund used to pay dividends on its preferred stock, now totals approximately $2.2 billion, according to a Monday SEC filing. The increase came entirely through the sale of common stock. At this level, the reserve is sufficient to cover 32 months of preferred dividends.

Despite the cash boost, Strategy paused its bitcoin purchases after adding roughly $1 billion worth over the previous two weeks. The company continues to hold 671,268 BTC, acquired for just over $50 billion and currently valued at about $60.4 billion, based on bitcoin’s price near $90,000.

Shares of MSTR were up 3% in premarket trading, mirroring bitcoin’s modest weekend gains. However, the stock remains down more than 40% year-to-date.

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