Strategy Halts Bitcoin Buying After Historic $22B Gains

Strategy, formerly known as MicroStrategy, has temporarily paused its Bitcoin purchases after an aggressive accumulation strategy that began in 2020 and brought its holdings to 597,325 BTC, worth over $65 billion. The pause, occurring between June 30 and July 6, follows the company's significant Q2 2025 gains of approximately $14 billion in fair value and reflects possible tactical market timing or capital deployment considerations rather than a shift in its long-term Bitcoin strategy. Strategy has primarily funded its acquisitions through large-scale sales of common stock and perpetual preferred shares under various tickers. Despite institutional buying from Strategy and Bitcoin ETFs, overall spot demand for Bitcoin has contracted, with significant declines in retail activity and a nearly empty mempool, contributing to Bitcoin's price consolidation around $105,000–$110,000 rather than breaking new all-time highs. Analysts suggest the slowing institutional buys and fading BTC treasury trend could impose resistance on Bitcoin's price, raising questions about sustained demand. Meanwhile, Strategy faces a class action lawsuit alleging misleading disclosures about its Bitcoin investment profitability and risks.