MicroStrategy Halts Bitcoin Purchases

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MicroStrategy, the fourth largest holder of Bitcoin, did not make any new purchases of the cryptocurrency last week, according to Executive Chairman Michael Saylor.

This ended a 12-week streak of continuous buying by the company. Saylor reported that since November 11th, MicroStrategy has acquired 218,887 BTC, bringing their total holdings to 471,107 BTC.

Publicly traded companies often enter a blackout period before releasing earnings, during which insiders are restricted from buying or selling the company’s securities.

For MicroStrategy, this could include buying or selling Bitcoin, as it makes up the majority of their balance sheet. Last week, the company announced a preferred share offering of $250 million to purchase more BTC, and later increased that amount after selling 7.3 million shares of the series.