Mackenzie Tatananni

MicroStrategy purchased more Bitcoins during what had amounted to a momentous week for the digital currency.

The world's largest corporate holder of Bitcoin disclosed Monday that it had snapped up more digital tokens from July 14 though July 20. The company, which does business as Strategy, added 6,220 Bitcoins to its holdings, bringing the total to 607,770 tokens acquired for an aggregate price of around $43.61 billion, or $71,756 per Bitcoin.

News of the purchase came on the heels of a regulatory breakthrough, as the Genius Act cleared the House before receiving a final signoff from President Donald Trump on Friday. The landmark bill outlines federal rules for stablecoins, which are commonly pegged to the dollar and backed by reserves.

Passage of the bill gave a lift to cryptocurrency exchanges Coinbase Global and Robinhood Markets, which ended Friday's session up 2.2% and 4.1%, respectively. However, Strategy, which doesn't deal in stablecoins, wasn't seeing the same boost.

Crypto enthusiasts are still waiting for the Clarity Act, which passed the House in a 294-134 vote on Thursday, to advance and be signed into law. The bill establishes a regulatory framework for digital assets by distinguishing between securities and commodities, and assigning oversight responsibilities to different federal agencies accordingly.

Strategy stock fell a total of 7.2% over Thursday and Friday last week, marking the worst two-day loss since the two days ended May 23, according to Dow Jones Market Data. Shares pulled back along with the price of Bitcoin, which receded from its record highs after climbing past $123,000 earlier that week.

In the absence of headlines to trade on, another factor weighing on the stock could be a bearish research note from Monness, Crespi, Hardt analyst Gus Gala. Gala reiterated his Sell rating on Strategy stock last Tuesday with a $200 price target. Notably, Gala is the only analyst out of 17 polled by FactSet to rate shares at Sell.

Strategy Chairman Michael Saylor remains a staunch supporter of the company's Bitcoin strategy. "Stay Humble. Stack Sats," the billionaire tweeted on Sunday, referring to the smallest units of Bitcoin, which are known as Satoshis.

The price of the world's largest cryptocurrency by market value was up 0.5% over the past 24 hours to $118,822 on Monday, according to CoinDesk data. Strategy stock rose 2% to $431.67.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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July 21, 2025 11:20 ET (15:20 GMT)

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