MicroStrategy halts Bitcoin buying spree after 12 straight weeks

Software designer MicroStrategy ended its 12-week Bitcoin buying streak, holding onto its current $44 billion stash until further notice.

MicroStrategy did not execute a Bitcoin (BTC) buy for the first time in three months, according to Form 8-K disclosure documents filed with the U.S. Securities and Exchange Commission.

After 12 consecutive weekly Bitcoin purchases, the firm did not sell any class A common shares from its at-the-market program. With no share sales between January 27 and February 2, the company had an outstanding $4.35 billion worth of equity offerings available to finance potential future Bitcoin acquisitions.

MicroStrategy plans to fund its “21/21” strategy with its ATM offering, a plan created by executive chairman Michael Saylor to invest $42 billion in Bitcoin.

Additionally, Saylor’s company debuted its preferred stock offering called STRK. The new capital raise channel, launched to buy more BTC, attracted $563.4 million in investor cash shortly after its arrival last week.

As of Feb. 3, MicroStrategy held 471,107 BTC valued at about $44 billion as Bitcoin slumped to $96,000 amid a market-wide correction fueled by mass liquidations.

Saylor’s dotcom-era business intelligence firm spent around $20 billion on Bitcoin during its 12-week buying spree, acquiring as much as $1.1 billion worth of tokens on at least two occasions. The company’s aggressive accumulation strategy has influenced other firms, such as Marathon Digital and Riot Platform, which have also been building Bitcoin treasuries while operating mining businesses.