MicroStrategy Resumes Buying Spree with $370M Bitcoin Purchase

MicroStrategy, once known as the world's largest corporate holder of Bitcoin, has resumed its buying spree after a two-month pause. In late August, the company purchased 4,603 Bitcoins for $370 million, boosting its total holdings to 845,050 coins worth $68.5 billion.

This surge in purchasing power is a significant milestone for MicroStrategy, which had previously sold around 7,000 Bitcoins in March and August at an average price between $60,000 and $65,000.

Despite this recent buying activity, Bitcoin remains 36% below its all-time high of roughly $126,000 reached last October. However, the company's CEO Phong Le has stated that MicroStrategy is still bullish on Bitcoin and only sold some of its holdings to cover preferred dividends and reduce debt.

The purchase also highlights the undervalued nature of MicroStrategy compared to its Bitcoin holdings, which exceed both its market cap and enterprise value.