MicroStrategy Resumes Bitcoin Accumulation With $370M Purchase
Strategy Inc., parent company of MicroStrategy (MSTR), has resumed its bitcoin accumulation strategy after a ten-week hiatus. The move marks a significant shift from the firm's previous divestment focus, which led to criticism and bearish sentiment in the market.
The company acquired 4,603 BTC for $369.7 million during the week of August 24-30, bringing its total holdings to 845,050 BTC with an aggregate cost basis of $63.73 billion. The purchase price averages $75,412 per bitcoin, a modest premium compared to the prevailing market rate at the time.
Strategy financed the acquisition through $602.8 million generated from selling 4.53 million Class A common shares. The company has stated that it plans to continue accumulating bitcoin and will not provide further guidance on future acquisitions.