Strategy Skips Bitcoin Purchase Amid 21% Gain

Strategy, a prominent corporate investor in Bitcoin, made headlines by skipping its usual Monday Bitcoin purchase, yet reported a substantial gain of $14 billion in the second quarter of 2025. This decision marked the first time in three months that the company did not engage in weekly Bitcoin acquisitions. The reported gain brought the fair value of its Bitcoin holdings to $64.36 billion, highlighting the significant appreciation in the value of its digital assets.

According to Strategy’s latest Form 8-K, filed with the U.S. Securities and Exchange Commission (SEC) on July 7, the carrying value of the company’s Bitcoin stash had ballooned to $64.36 billion as of June 30, 2025. The quarter ended with the number one cryptocurrency trading around $107,751 on Strategy’s principal market, resulting in a $14.05 billion fair value increase. However, this paper gain also triggered a $4.04 billion deferred tax expense.

The Michael Saylor-helmed firm detailed the sheer scale of its Bitcoin acquisition during Q2 2025 in the filing, picking up 69,140 BTC for approximately $6.77 billion, at an average price of $97,906 per Bitcoin. The company funded this aggressive buying through complex capital markets activity, including net proceeds of $6.8 billion raised via “at-the-market” (ATM) equity offering programs as well as a registered offering of its STRD preferred stock that bagged $979.7 million net.

At the same time, Strategy carries significant leverage, reporting about $8.24 billion in outstanding debt as of June 30, alongside $3.4 billion in preferred stock, which have pushed its annual interest and dividend obligations past $350 million. The company also struck a note of caution, stressing that future profitability hinges on Bitcoin’s price and acknowledging potential liquidity risks if forced to sell its BTC to meet obligations during market downturns.

While Strategy’s Q2 buying spree was monumental, with the last being a $531 million outlay on 4,980 BTC, pushing its total holding to 597,325 BTC, its absence from the market this Monday was notable. Between June 30 and July 6, Strategy acquired “0” Bitcoin. This breaks its well-established pattern of consistent purchases, often announced on Mondays. The company confirmed its various ATM programs had ample remaining capacity, running into the billions, suggesting funding wasn’t the immediate constraint.

Meanwhile, other firms that have taken up the Strategy playbook took advantage of the OG’s absence to increase their holdings. Tokyo-based Metaplanet snagged 2,205 BTC for around $238.7 million, bringing its stash to 15,555 BTC. The Smarter Web Company also announced a 226.42 BTC purchase as part of its “10-Year Plan,” while The Blockchain Group scooped up 116 BTC for nearly €11 million, taking its holdings to 1,904 BTC.

Strategy's decision to halt Bitcoin purchases has raised questions about its future investment plans. The company's pause in acquisitions comes after a significant $14 billion gain in the second quarter, which has led to speculation about whether this move is driven by tax considerations or other strategic factors. Analysts have noted that the company's strong position in Bitcoin holdings remains unchanged, with no new purchases reported in early July. This stability in holdings suggests a deliberate strategy to manage the company's financial position and tax liabilities.

The company's decision to skip Bitcoin purchases and report substantial gains underscores the volatility and potential of digital assets. The $14 billion gain in the second quarter is a testament to the company's successful investment strategy in Bitcoin. However, the pause in acquisitions and the associated deferred tax expense highlight the complexities and challenges of managing a significant investment in digital assets. As the company navigates these issues, its actions will continue to be closely watched by investors and industry observers alike.