MSTR Stock Drops as Strategy Resumes Bitcoin Buying Amid CLARITY Act Vote
Strategy Inc's (MSTR) stock dipped by 4.2% to $138.74 on September 4, despite the company resuming its Bitcoin buying strategy after a 10-week pause.
The company purchased 4,603 BTC between August 24 and August 30 at an average price of $80,318 per coin, bringing its total holdings to 845,050 BTC. This purchase was funded through the sale of MSTR common stock, generating around $602.8 million in net proceeds.
Executive Chairman Michael Saylor defended public Bitcoin promotion on social media, stating that 'In America, you don’t need a license to discuss Bitcoin, advocate for it, or publicly recommend owning it.' He emphasized that Bitcoin is a commodity rather than a security and that fraud and manipulation remain illegal under existing law.
The CLARITY Act, which would divide oversight of digital assets between the SEC and CFTC, faces a procedural vote in the Senate on September 15. The bill requires at least 60 votes to advance, and its passage is still uncertain despite gaining some support from lawmakers.