Strategy to pause Bitcoin buying until stock hits $100

Strategy, the largest corporate holder of Bitcoin, will not resume purchases of the cryptocurrency until its preferred shares recover to their $100 par value, CEO Phong Le said in a televised interview on Tuesday, July 14, 2026. Le also outlined a far lower threshold for financial stress, stating the company would only need to reassess risks tied to its debt if Bitcoin’s price fell to a range of $8,000 to $10,000, an approximately 85% decline from its level at the time of the interview.

The company, formerly known as MicroStrategy, has paused its Bitcoin acquisitions since late June. Le tied the resumption of buying directly to the recovery of its Stretch (STRC) preferred stock, which it uses to fund purchases. "When Stretch gets back to par, we’ll issue more. We’ll buy Bitcoin," Le said, while acknowledging uncertainty about the timeline. The shares have traded below their $100 par value since mid-May and were changing hands near $89 on Wednesday, July 15. Selling shares below par is considered unfavorable for raising capital.

Instead of buying assets, Strategy has focused on building a substantial U.S. dollar reserve. The company recently raised $467 million through a common...