Strategy Bolsters Bitcoin Hoard with $75.7M Purchase
Michael Saylor's company, Strategy, has bought another 950 Bitcoin, adding to its massive stash of 846,000 BTC. This is a significant purchase, as it brings Strategy's total cost basis for Bitcoin to $63.80 billion, or $75,416 per coin.
The $75.7 million spent on this latest batch of Bitcoin was used from cash already on hand, rather than issuing shares and selling them at the market. This is a departure from Strategy's usual playbook, which often involves using proceeds from share sales to buy Bitcoin.
Strategy also spent another $174 million buying back its preferred stock, STRC, during this period. The company has now repurchased a significant amount of STRC, with nearly $250 million in cash being used for both the Bitcoin and STRC purchases.