MicroStrategy Resumes Bitcoin Buying After 10-Week Pause
MicroStrategy has resumed its Bitcoin buying strategy after a ten-week pause. The company acquired 4,603 BTC between August 24 and August 30 for $369.7 million.
The funds used for the purchase were generated from the sale of 4,531,421 Class A shares, which raised $602.8 million in net proceeds. This allocation included buying back STRC preferred shares, covering dividends, and building up cash reserves.
As a result of this latest purchase, MicroStrategy's Bitcoin treasury now holds 845,050 BTC acquired at an aggregate cost basis of $75,412 per coin. The company's overall profit stands at approximately 4.9% based on the current market price.
However, it is worth noting that the new tranche was bought at an average price of $80,318, which leaves the allocation roughly 1.5% underwater or about $5.7 million on paper.