Strategies Bitcoin Sneakers Sell Out, But Cryptocurrency Payments Not Accepted

Strategy Inc., a company that has been in the news for its Bitcoin holdings, recently released a limited-edition sneaker inspired by Nike's Air Jordan 1. The shoe, priced at $250, features leather overlays and orange branding that ties it to the company's Bitcoin identity.

The Strategy Store listed the product on Tuesday, but it quickly sold out. Interestingly, despite the Bitcoin theme, the store did not accept cryptocurrency payments for the sneaker or other products.

Strategy has been acquiring Bitcoin over time, with a current stash of 845,050 BTC, acquired for $63.73 billion at an average price of roughly $75,412 per coin. However, in a recent development, the company used its dollar reserves to repurchase 1.81 million shares of its STRC stock for $176.3 million instead of buying more Bitcoin.

As a result, BTC was trading at $79,594 at the time of writing, up 1.42% in the last 24 hours. Strategy's shares were also up 3.50% in pre-market trading after closing 4.40% lower during Tuesday's regular session.