PayPal has paused plans to sell a venture capital portfolio valued at approximately $900 million to $1 billion after prospective buyers submitted offers well below the company’s expectations, Axios Pro reported.

The highest bids reportedly valued the portfolio at about 60 cents on the dollar, implying potential proceeds of roughly $540 million to $600 million. PayPal may have concluded that selling now would lock in an excessive discount, given that fintech valuations remain under pressure.

The decision follows PayPal’s move earlier this year to wind down its corporate venture capital operation. The payments company hired Jefferies to advise it on strategic alternatives for the portfolio, which includes investments in companies such as shopping and financial-services platform Tabby and digital-asset custodian Anchorage Digital.

“As part of our continued efforts to sharpen our focus, we are exploring strategic options for our corporate venture capital arm, PayPal Ventures,” a company spokesperson said in June.

Pausing the sale allows PayPal to retain the assets and potentially revisit a transaction if market conditions and fintech valuations improve. It also avoids realizing a substantial loss relative to the portfolio’s stated value.

PayPal shares fell about 3% Friday, erasing much of the stock’s 4% gain Thursday. The earlier advance came amid renewed speculation that the company could become a takeover target.