MicroStrategy Resumes BTC Buying, Total Holdings Now Exceed 840K
Michael Saylor's MicroStrategy has ended its 10-week buying drought, purchasing 4,603 BTC for approximately $370 million between August 24 and 30. This marks the company's first buy since June 22 and brings their total holdings to 845,050 BTC.
The funds were raised through a series of share sales, netting MicroStrategy around $603 million. The company has now allocated $152 million towards repurchasing STRC preferred stock, while maintaining a $1B MSTR buyback program and $365M preferred stock repurchase capacity.
Despite this renewed commitment to Bitcoin accumulation, market analysts remain divided on the potential impact of September's interest rate hike. Deutsche Bank predicts two hikes this year, including one in September, which could put downward pressure on Bitcoin prices through early September.