Strategy announced on Monday it purchased over $21 million worth of Bitcoin last week, increasing its total holdings to approximately $70 billion. The company funded this latest acquisition by selling more than 125,000 shares of its common stock and using $500,000 in cash. This marks Strategy's fifth Bitcoin purchase since August, as the cryptocurrency's price has rebounded significantly.
The purchase was part of a broader corporate crypto buying trend following Bitcoin’s breakout from a prolonged trading lull in mid-August. Bitcoin climbed to around $77,000 for the first time since May and traded at $82,600 Monday morning. Strategy also spent about $192 million to repurchase nearly 2 million shares of its preferred stock, STRC, which provides regular payments to investors. The company, led by billionaire Michael Saylor, holds roughly 4% of Bitcoin’s circulating supply.
Bitcoin’s price had fallen sharply from a high of $126,000 last October to a low of $58,000 in June, prompting Strategy to sell portions of its stockpile on four occasions during the slump. With the recent price rebound, Strategy ceased selling and resumed accumulating Bitcoin. Other firms have also increased their crypto holdings recently, including Strive, which purchased $169 million worth of Bitcoin earlier this month, signaling a revival in corporate crypto buying.
Bitcoin’s steady trading above $77,000 since mid-August and Strategy’s continued accumulation highlight renewed confidence in the cryptocurrency market. Strategy’s total Bitcoin holdings now stand at about $70 billion, reinforcing its position as a major corporate crypto investor.