HomeCoinsStrategy Smash Buys $21.5M In Bitcoin

Strategy Smash Buys $21.5M In Bitcoin

Bitcoin juggernaut Strategy has bought more BTC as it pivots back to accumulating on a weekly basis. 

The Nasdaq-listed bitcoin treasury spent $21.5 million on 250 bitcoins from October 5 and October 11, according to a Monday filing. 

It added that it also spent $192.4 million repurchasing its STRC preferred stock. 

Strategy now holds 848,250 bitcoins worth $70.2 billion at today’s prices. Its stock (MSTR) on Monday was trading nearly 2% higher. 

Read More:  Fed Chair Warsh Rules Out A Crypto Bailout

The company — formerly MicroStrategy — has spent the past four weeks buying bitcoins after months of more sporadic buys or sometimes halting purchases for months altogether in order to build a bigger cash buffer. 

Monday’s filing also shows that the company bought last week’s bitcoin using net proceeds from MSTR Stock sales with its USD Cash buffer. Strategy has two cash reserves: “USD Reserve”, used to support the payment of dividends on the company’s preferred stock offerings and interest on its outstanding indebtedness, and “USD Cash”, which it uses to buy bitcoin. 

Read More:  Inflation Outlook, Bond Stress And BTC Vs Gold

It first bought the cryptocurrency in 2020 to protect its shareholders from inflation. Since then, it has aggressively bought the asset and pivoted to being a bitcoin treasury. 

Investors can now buy its shares to get heightened exposure to the cryptocurrency, or get paid a yield via its digital credit products. 

The company is now focusing on products that pay investors yield via its STRF, STRC, STRK, and STRD preferred shares. 

Read More:  Moscow Exchange To Launch Bitcoin Trading, Testing Underway

Its Nasdaq-listed stock is down over 50% over the past year after the price of bitcoin took a hit. 

But since the company started buying bitcoin in August 2020, MSTR has appreciated by nearly 1,000%. 

Facebook Comments Box

LATEST POSTS

Ethereum Name Service plans major .eth overhaul with one irreversible catch for domain holders

Ethereum Name Service has proposed activating ENSv2 without requiring existing .eth domain holders to migrate to the new system.The Oct. 11 proposal would let users...

Strive Bitcoin Treasury Reaches 32,773 BTC After Latest Purchase

Strive, a publicly traded Bitcoin treasury company, increased its holdings by more than 11% last week as investors exercised $208 million in warrants, with Bitcoin...

Most Popular

spot_img