Strategy Returns to Buying Bitcoin After Two-Month Break
Strategy, a company known for its significant Bitcoin holdings, has returned to buying after a two-month hiatus. The decision comes after selling approximately 6,916 BTC between June 22 and August 24, generating around $432.5 million at an average price of roughly $62,500 per Bitcoin.
The recent purchase totals 4,603 BTC for about $369.7 million, with the company averaging $80,318 per BTC. This marks Strategy's first Bitcoin acquisition since June 22.
Analyst JA_Maartun criticized Strategy's decision to sell during a period of lower prices before buying back at a significantly higher level.
However, Strategy CEO Phong Le defended the move, stating that the company strengthened its financial position over the two-month break. He noted that Strategy increased its assets by 34% and reduced net debt from $7 billion to zero during this time.