Strategy, the largest corporate Bitcoin holder led by Michael Saylor, purchased 950 Bitcoin for nearly $76 million over the past week, according to its latest financial disclosure. This marks the company’s first Bitcoin acquisition in about three weeks and raises its total holdings to 846,000 Bitcoin. The purchase coincided with Bitcoin’s price surging more than 6% in 24 hours to nearly $86,000, prompting a nearly 9% jump in Strategy’s shares to $167, per fortune.com.
The acquisition followed a period of volatility for Bitcoin, which fell to $58,000 in June after peaking at $125,000 last October. Strategy has sold Bitcoin four times in the past four months despite Michael Saylor’s long-standing “never sell your Bitcoin” stance. To support its Bitcoin purchases, the company created STRC, a dividend-paying preferred share, last year to raise cash from investors. Strategy also spent $174 million recently to repurchase STRC shares, which helped boost its stock price, according to fortune.com.
Strategy’s holdings represent about 4% of the total Bitcoin supply, making it a significant player in the cryptocurrency market. The company’s stock performance is closely tied to Bitcoin’s price movements, effectively serving as a proxy for the asset. The recent rally extends Bitcoin’s recovery from a yearlong bear market, reflecting renewed investor interest amid broader market fluctuations. Strategy’s financial maneuvers, including share repurchases and Bitcoin acquisitions, highlight its active management approach within the crypto sector.
Strategy’s total Bitcoin holdings now stand at 846,000 coins after the latest purchase. The company’s share price rose to $167 following the acquisition and repurchase of preferred shares, as reported by fortune.com on September 21.