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Strategy restarts Bitcoin buying after 10-week pause, spending about $370M
The firm used about $600 million in a raise to retire preferred shares and build a $1.61 billion cash reserve.
Strategy NASDAQ: MSTR resumed Bitcoin purchases after a 10-week pause, deploying roughly $370 million to acquire additional BTC, MarketBeat Ratings reports. The move comes as geopolitical tensions and hawkish monetary policy expectations had pushed Bitcoin below the $78,000 level.
In the last week of August, Strategy bought 4,603 Bitcoin at an average price of about $80,318 per coin, bringing its corporate treasury to roughly 845,000 Bitcoin. The report says the company broke its quiet period to establish a continued balance sheet commitment to Bitcoin.
MarketBeat Ratings also notes the purchase was funded through about a $600 million raise, which the company used to retire preferred shares. That financing is described as also supporting the build of a $1.61 billion cash reserve.
The report frames the restart as a signal that Strategy views current prices as a discounted accumulation zone, with its buying intended to help create a psychological support level around the $80,000 area.
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