Crypto
Strategy Snaps Up 4,603 Bitcoin for $370 Million Amid Market Downturn
Strategy, a company led by Michael Saylor, has made its first major Bitcoin acquisition in two months. The company purchased 4,603 BTC at an average price of $80,318 for a total of $370 million.
This purchase adds to Strategy's existing holdings of 845,050 BTC, which were acquired at an average price of $75,413 for a total of $63.3 billion.
The funds used for the acquisition came from a sale of MSTR common stock worth $602 million. A portion of these proceeds was also used to increase Strategy's USD cash reserve and repurchase its STRC preferred stock.