Strategy Buys Another 950 Bitcoin, Total Holdings Now Over 846,000
Strategy, led by Michael Saylor, bought another 950 Bitcoin at $79,670 last week. This purchase brings its total holdings to approximately 846,000 BTC and is already sitting 6% profitable at today's price of $84,388.
The company spent around $76 million on the latest buy, but spent nearly double that amount, $139 million, buying back STRC preferred shares. This creates direct competition for available capital and raises questions about whether Saylor will continue to buy at $84,000.
Strategy's software division generated $63 million in subscription revenue in the second quarter, but its Bitcoin position is valued at nearly $49.7 billion. The company finances its Bitcoin purchases by issuing new shares of MSTR stock and preferred stock, functioning as a treasury company focused on Bitcoin.