MicroStrategy Resumes Bitcoin Buying After 10-Week Hiatus
MicroStrategy has resumed its Bitcoin buying strategy after a 10-week hiatus. According to an SEC filing, the company purchased 4,603 Bitcoins for $369.7 million between August 24 and 30, with each coin costing an average of $80,318.
The buy marks a return to form for MicroStrategy, which had paused its Bitcoin purchases in June to focus on building a cash buffer and buying back its stock.
'We intend to move between issuing securities when capital is attractive and repurchasing securities when our instruments trade at levels that make buybacks accretive,' said CEO Phong Le in June. 'This flexibility is designed to create shareholder value, improve corporate performance, and strengthen the quality and market standing of Strategy's securities.'
MicroStrategy now holds 845,050 Bitcoins worth $65.8 billion at current prices, making it the largest corporate holder of Bitcoin.