Strategy (MSTR), the largest publicly traded company holding Bitcoin, has paused its acquisition of the cryptocurrency for the week. Historically, Executive Chairman Michael Saylor has utilized the platform X to announce weekly purchases every Sunday and provide updates on Monday mornings around 8 am ET. However, this week passed without any such announcements, marking the end of a consistent six-week streak of acquisitions that began on October 6.
Currently, the Tysons Corner, Virginia-based firm holds a substantial 649,870 Bitcoin, with an average cost basis of $74,433 per coin, as reported on the Strategy dashboard. This temporary halt in buying comes at a time when MSTR’s stock price is approximately 70% below its all-time high. Additionally, the company’s multiple to net asset value (mNAV) sits just above 1, which is the lowest level observed during the current market cycle.
The company is facing growing concerns regarding its potential exclusion from major equity indexes, an issue that has already provoked a strong response from Saylor. In the midst of this uncertainty, MSTR shares experienced a modest increase of 1.5% early Monday, coinciding with a slight uptick in Bitcoin’s price over the weekend, bringing it to around $86,200.
