Strategy Resumes Bitcoin Buying, Posts Best Monthly Gain Since November 2024
Strategy, a company backed by Michael Saylor, has resumed buying Bitcoin after a 10-week pause. The firm acquired around 4,600 BTC for roughly $370 million over the past week, with the purchases funded by proceeds from the sale of approximately 4.5 million MSTR shares through its ATM program.
The company's latest purchase brings its total Bitcoin holdings to 845,050 BTC, with an average cost of $75,412 per coin. Strategy's overall aggregate purchase price stands at around $63.73 billion, making it one of the largest holders of Bitcoin in the market.
MSTR stock rose as much as 1.8% in pre-market trade on Monday, on track to post its best monthly gain since November 2024. The company's decision to resume buying Bitcoin has sparked a bullish sentiment among retail investors, with chatter around the apex cryptocurrency trending in 'bullish' territory.