Strategy to Resume Bitcoin Buying by End of Year: CEO Phong Le
Strategy, the largest corporate holder of Bitcoin (BTC), has been selling its BTC stash this year. However, CEO Phong Le revealed that the firm plans to resume its purchases by the end of the year.
As reported by Wu Blockchain, the company has bought around 175,000 BTC since the start of the year and sold roughly 7,000. This means Strategy is still a massive net buyer, with a net purchase ratio of 25x.
The firm has used the proceeds from its recent sale to support its preferred stock dividends, share repurchases, and its USD reserve, which now stands at over $4.6 billion after the latest sale.
Strategy's focus on pushing its STRC share price to par ($100) has raised eyebrows in the crypto community, with some questioning whether this is the company's primary objective.