{"id":89646,"date":"2025-10-06T17:53:25","date_gmt":"2025-10-06T14:53:25","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=89646"},"modified":"2025-10-06T17:57:58","modified_gmt":"2025-10-06T14:57:58","slug":"strategy-pauses-bitcoin-buying-as-share-sales-fail-to-raise-capital","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/strategy-pauses-bitcoin-buying-as-share-sales-fail-to-raise-capital\/","title":{"rendered":"Strategy pauses bitcoin buying as share sales fail to raise capital"},"content":{"rendered":"

From 29 September to 5 October, Strategy did not buy the first cryptocurrency after failing to raise capital through stock sales. The company disclosed this in an 8-K filing<\/a> with the SEC.<\/p>\n

The firm led by Michael Saylor<\/a> holds 640,031 BTC worth about $79.4bn, acquired at an average price of $73,983 per coin. Since August 2020<\/a>, Strategy has amassed more than 3% of bitcoin\u2019s total supply.<\/p>\n

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Top-10 public-company bitcoin holders. Source: BitBo<\/a>.<\/figcaption><\/figure>\n

The chief executive had hinted at a pause in buying. On 4 October he posted a tweet<\/a>, writing:<\/p>\n

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\u201cThere will be no orange dots this week\u2014only a reminder of the $9bn profit for which we continue to <\/em>HODL<\/em>.\u201d<\/em><\/p>\n<\/blockquote>\n

The pause coincided with bitcoin achieving<\/a> a new all-time high above $125,000. That has not typically deterred Strategy\u2014the firm is known for buying digital gold at peaks. One community member jokingly remarked<\/a>:<\/p>\n

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\u201cHave you realised that buying at highs is not the smartest move? Now waiting for a dip?\u201d<\/em><\/p>\n<\/blockquote>\n

By the end of the third quarter, the company recorded unrealised profit of $3.89bn. Tax liabilities amounted to $1.12bn of that.<\/p>\n

BitMine keeps buying ETH<\/h2>\n

Last week, BitMine Immersion Technologies, led by Tom Lee of Fundstrat, acquired<\/a> 179,251 ETH worth $820m at the prevailing rate. The firm\u2019s assets under management exceeded 2.83m ETH\u2014more than 2% of Ethereum\u2019s total supply.<\/p>\n

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Top-five public-company Ethereum holders. Source: Strategic ETH Reserve<\/a>.<\/figcaption><\/figure>\n

BitMine representatives also said total crypto and cash holdings reached $13.4bn. It also holds 192 BTC (~$24m).<\/p>\n

The company began accumulating the second-largest cryptocurrency in late June. Its goal is to amass and stake<\/a> 5% of Ethereum\u2019s supply.<\/p>\n

What is wrong with Tom Lee\u2019s strategy?<\/h2>\n

Mechanism Capital co-founder Andrew Kang criticised Lee\u2019s investment concept, calling his theses \u201cfinancially illiterate\u201d.<\/p>\n

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https:\/\/t.co\/HM01BJJwKB<\/a><\/p>\n

\u2014 Andrew Kang (@Rewkang) September 24, 2025<\/a><\/p><\/blockquote>\n