Strategy остановила закупку биткоинов из-за отсутствия финансирования Translation: Headline: Strategy Halts Bitcoin Purchase Due to Lack of Funding

From September 29 to October 5, Strategy did not purchase any Bitcoin, as it failed to raise capital through stock sales. The company disclosed this information in an 8-K report submitted to the SEC.

Under the guidance of [Michael Saylor](https://forklog.com/cryptorium/majkl-sejlor-biografiya-i-vzglyady-osnovatelya-microstrategy), 640,031 BTC remain, valued at approximately $79.4 billion, acquired at an average price of $73,983 per coin. Since [August 2020](https://forklog.com/news/microstrategy-pervoj-na-nasdaq-vlozhila-250-mln-v-bitkoin), Strategy has accumulated over 3% of Bitcoin’s total supply.

The company’s co-founder hinted at a pause in purchases beforehand. On October 4, he tweeted:

*“There will be no orange dots this week—just a reminder of the $9 billion profit for which we continue to HODL.”*

The pause coincided with [Bitcoin reaching](https://forklog.com/news/bitkoin-obnovil-ath-vyshe-125-000) a new all-time high above $125,000. Traditionally, this has not deterred Strategy, as the firm is known for purchasing digital gold at peaks. One member of the crypto community jokingly [noted](https://x.com/finsends/status/1974820857861042502):

*“Did you realize that buying at highs isn’t the smartest move? Now you’re waiting for a dip?”*

At the end of the third quarter, the company reported an unrealized profit of $3.89 billion, with tax obligations amounting to $1.12 billion from that figure.

Last week, BitMine Immersion Technologies, led by Tom Lee of Fundstrat, [acquired](https://www.prnewswire.com/in/news-releases/bitmine-immersion-bmnr-announces-eth-holdings-exceeding-2-83-million-tokens-and-total-crypto-and-cash-holdings-of-13-4-billion-302575505.html) 179,251 ETH for $820 million at current rates. The firm’s total asset management exceeds 2.83 million ETH—over 2% of Ethereum’s total supply.

BitMine representatives also reported that the total amount of crypto assets and cash held by the firm reached $13.4 billion. Additionally, it holds 192 BTC (approximately $24 million).

The company began accumulating the second-largest cryptocurrency by market cap at the end of June, with a goal to gather and [stake](https://forklog.com/cryptorium/chto-takoe-stejking) 5% of the Ethereum supply.

Andrew Kang, co-founder of Mechanism Capital, criticized Lee’s investment thesis, labeling his arguments as “financially illiterate.”

The first of these suggests that activity involving [stablecoins](https://forklog.com/cryptorium/chto-takoe-stablecoins) and [RWA](https://forklog.com/cryptorium/chto-takoe-rwa-real-world-assets) should increase transaction volumes and consequently drive up fees and revenues for the Ethereum network.

*“Over the past five years, the value of tokenized assets and transaction volumes with ‘stablecoins’ have grown by 100-1,000 times. However, Tom fundamentally does not understand how value accumulation works and wants you to believe that fees will rise proportionately, but in reality, they remain nearly at the same levels as in 2020,”* Kang noted.

According to him, this is due to ongoing blockchain updates and the migration of activity to [Solana](https://forklog.com/cryptorium/chto-takoe-solana), [Arbitrum](https://forklog.com/cryptorium/chto-takoe-arbitrum), and other platforms.

The expert also refuted the comparison of Ethereum to «digital oil.»

*“Oil is a commodity. Real oil prices adjusted for inflation have traded in the same range for over a century, with periodic spikes that then revert to mean levels. I agree with Tom that ETH can be perceived as a commodity, but that’s not a bullish argument,”* he wrote.

Kang paid special attention to the assertion regarding institutional demand. So far, no major bank has announced plans to add the leading altcoin to its balance sheets, emphasized the founder of Mechanism Capital.

Technical analysis also indicates a prolonged sideways movement in Ethereum’s price, with a recent bounce off the upper boundary of the $1,000-4,800 range. According to the expert, the cryptocurrency’s current capitalization is “primarily supported by macro liquidity.”

CEO of JAN3 Samson Mou agreed with Kang’s conclusions. He believes ETH’s price is dependent on retail investors from South Korea, known as *»seonghak-gumi»*, who have directed around $6 billion into crypto treasury companies focused on Ethereum.

*“Ethereum influencers are literally flying to South Korea to promote the coin among local investors. They aren’t looking at the ETH/BTC chart and think they are buying a version of Strategy. This won’t end well,”* Mou stated.

At the time of writing, the second-largest cryptocurrency is trading above $4,600.

Recall that CEO of Bit Digital Set Tabar [discussed](https://forklog.com/news/glava-bit-digital-rasskazal-o-strategiyah-vyzhivaniya-dat-kompanij-na-medvezhem-rynke) survival strategies for DAT companies in a bear market.