Crypto
Strategy Resumes Bitcoin Buying After Ten-Week Break
Strategy Inc has resumed buying Bitcoin after a ten-week break in which it sold $432.5 million worth of the cryptocurrency to fund preferred stock dividends and share repurchases.
The company purchased 4,603 BTC at an average price of $80,318 per coin between August 24-30, ending its selling streak and signaling that its capital-raising engine is back in operation.
Strategy's total Bitcoin position now stands at 845,050 BTC with a blended average cost of $75,412 per coin, which remains below its June peak of 847,363 BTC.
The resumption of buying has strengthened the bull case for Strategy Inc, with analysts pointing to the company's ability to deploy its cash pool and expand its mNAV as key catalysts.