Strategy Doubles Down on Bitcoin with $950M Purchase
Strategy, an entity known for its significant Bitcoin holdings, has made another substantial purchase of the cryptocurrency. As of September 20, Strategy acquired 950 BTC, bringing its total Bitcoin holdings to 846,000 BTC. This acquisition further increases the company's exposure to Bitcoin as it continues to manage its preferred-stock and cash positions.
The purchase also means that Strategy now holds approximately $63.73 billion in total acquisition costs for its Bitcoin holdings, with an average cost of $75,412 per coin. The entity has also repurchased $174 million worth of STRC preferred stock and held about $6.09 billion in USD assets.
The company's continued investment in Bitcoin is notable, especially given the current market conditions. However, no specific details or predictions are provided by Qadir AK, the founder of Coinpedia, regarding future market movements or price targets.