Strategy Scoops Up $369.7 Million Worth of Bitcoins

Strategy, Michael Saylor's company, has made a significant move in the cryptocurrency market by purchasing 4,603 Bitcoins for $369.7 million on Monday, August 31. This purchase brings Strategy's total Bitcoin holdings to 845,050 coins, acquired at an average price of $75,412 each.

The funds used for this buy came from a total of $602.8 raised by selling common stock, with part of that amount going towards buying back preferred shares and the rest boosting their cash pile and paying for the Bitcoin purchase.

This latest move has led to Strategy's stock (MSTR) rising 1.65% in pre-market trading, while Bitcoin itself nudged up to $78,400.