MicroStrategy Pauses Bitcoin Purchases as Cash Reserves Hit $3B

According to its SEC filing, MicroStrategy raised $467 million through common stock sales during July 6-12 and paused Bitcoin purchases as cash reserves reached $3 billion. The company's Bitcoin holdings remained at approximately 844,000 BTC, valued around $53 billion.

CEO Phong Le told Bloomberg TV that the company will resume Bitcoin purchases once its preferred shares (STRC) recover to par value; STRC recently traded between $87-$89, below the $100 par level. Le stated the company remains committed to Bitcoin and that preferred share issuance "is a big part of our capital plan."