Strategy Reenters Bitcoin Market with $370M Purchase
Strategy, a company that has been buying Bitcoin (BTC), resumed its accumulation of BTC after a 10-week hiatus. The company acquired 4,603 BTC at an average price of $80,318 per coin, totaling $369.7 million in the most recent purchase.
The funds for this transaction came from the sale of 4,531,421 Class A shares, which generated net proceeds of $602.8 million. Strategy repurchased $151.8 million worth of STRC preferred shares and $50.7 million in STRC dividends with a portion of these funds.
Strategy's overall Bitcoin holdings now stand at 845,050 BTC, valued at $63.73 billion, with an average cost per coin of $75,412. Despite the recent purchase being made at a loss due to the current price of $80,318 per BTC, Strategy's total holdings are worth more than its total purchases.
The company has maintained significant cash reserves, with $5.10 billion in dollar reserves and $1.61 billion in cash at the end of the week. Net leverage stood at zero, indicating a stable financial position for the company.