Strategy May Resume Bitcoin Purchases Amidst Macro Volatility
Strategy, a company known for its aggressive Bitcoin accumulation plan, may have resumed purchasing cryptocurrency despite recent macroeconomic challenges. According to Michael Saylor, Strategy's former CEO, the firm has made 'a little more orange' in its Bitcoin accumulations over the past six years. This suggests that Strategy is back in the market after a two-month pause.
The last time Strategy bought BTC was on August 31 at an average price of $80,318 per unit, spending almost $370 million to reacquire 4,603 units. Following this purchase, Strategy turned its attention to repurchasing its own stock (STRC), which has erased nearly all losses from its drop to $75 and now trades near its par value of $100.
This move comes amidst a tumultuous week for the cryptocurrency market, with the US Senate voting against advancing the CLARITY Act on Tuesday and the Federal Reserve hiking interest rates for the first time in over three years. The Bank of Japan also followed suit, raising its own rates to a 31-year high.