MicroStrategy finally buys Bitcoin after 2 months
Michael Saylor 's Strategy (Nasdaq: MSTR), née MicroStrategy, finally bought Bitcoin (BTC) for the first time after a gap of two months.
The company announced on Aug. 31 that it purchased 4,603 BTC for $369.7 million during Aug. 24-30.
The last time Strategy bought Bitcoin was during June 15-21 when it purchased 520 BTC for $34.9 million.
Due to the Bitcoin crash, the company sold BTC several times during the past few weeks:
32 BTC for $2.5 million during May 26-31, first sale since 2022
During the rest of the weeks, the company resisted buying Bitcoin.
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Last week, the company sold MSTR common shares for $602.8 million and used the sale proceeds to buy 4,603 BTC, repurchase $151.8 million of the preferred STRC stock, and increase its U.S. dollar reserve.
The company got the confidence to buy Bitcoin again after the cryptocurrency rallied due to the Treasury's Aug. 19 announcement to at least double the amount of longer-term bond buybacks, which sparked liquidity hopes.
Following the latest purchase, Strategy now holds 845,050 BTC on its balance sheet, making it the world's largest Bitcoin treasury company.
With the average Bitcoin acquisition price of $75,412 and Bitcoin's current price of $78,082.92, Strategy is sitting on an unrealized profit of $2.25 billion.
