MicroStrategy Resumes Bitcoin Buying Spree with $75.7 Million Purchase

Michael Saylor has resumed buying Bitcoin for MicroStrategy (MSTR), formerly known as Strategy, after a three-week pause. The executive chairman posted 'A little more orange' on X, alongside a chart showing the company's purchase history.

The orange bubbles mark the latest purchases, which amount to 950 Bitcoin bought between September 14 and 20 for around $75.7 million at an average price of $79,670 per coin. This brings MicroStrategy's total holdings to 846,000 Bitcoin, acquired at an average cost of $75,416.

This is the second major purchase since a two-month hiatus ended in late August, and it comes as Bitcoin has surged back above $85,000, an eight-month high.

The company paid for the latest purchases entirely with spare cash from its 'war-chested' balance sheet, rather than selling shares to fund the buys. However, MicroStrategy still needs to see its stock price rise significantly before it can afford to buy more Bitcoin, given that its market value is close to the value of its holdings.

It's worth noting that while Bitcoin has been a major focus for MicroStrategy, the company also bought back $174 million worth of STRC preferred stock this week. This is aimed at getting the preferred stock back towards its $100 par value, which will eventually allow MicroStrategy to use it as collateral for further Bitcoin purchases.