Strategy Resumes Bitcoin Buying Spree with $370M Purchase

Strategy, the largest digital asset treasury, has resumed its Bitcoin buying spree after a two-month dry spell. On Monday, it announced that it had purchased $370 million worth of BTC at an average price of roughly $80,300 per coin.

The company bought Bitcoin using part of the money it raised by selling newly issued MSTR shares, according to a SEC filing. The rest was used to pay dividends and repurchase STRC shares, which pay investors regular income, and add $30 million to its cash balance.

Strategy's latest purchase comes amid a brief rebound in Bitcoin, which reclaimed $79,000 for the first time since May after spending much of the previous 10 months in a bear market. The company holds 4% of the total BTC supply and has struggled in recent months due to its aggressive accumulation model.

Strategy shifted from its earlier 'never sell your Bitcoin' posture in June when it sold some of its holdings to meet its financial obligations. Over the summer, the company sold Bitcoin on three additional occasions, amounting to roughly $544 million in total.