Strategy buys $21 million worth of Bitcoin as corporate crypto buying shows signs of revival
Source: Fortune ·
Bitcoin’s rebound has turned some corporate sellers back into buyers after months of market turmoil.
From the source
Bitcoin buying is back. Corporate crypto heavyweight Strategy announced Monday that it bought over $21 million worth of Bitcoin last week, bringing its total holdings to roughly $70 billion. The company, led by the flamboyant billionaire Michael Saylor, funded the purchase by selling more than 125,000 shares of its common stock and using $500,000 in cash. It also spent roughly $192 million to repurchase nearly 2 million shares of STRC, a type of preferred stock that makes regular payments to investors. The latest purchase extends Strategy’s return to Bitcoin buying, marking its fifth purchase since August. Bitcoin broke out of a prolonged trading lull in mid-August, climbing to around $77,000 for the first time since May. It has largely held above that level since and was trading at $82,600 Monday morning. The rebound followed a steep downturn that pushed Bitcoin from a high of $126,000 last October to a low of $58,000 in June. Amid the slump, Strategy—which holds roughly 4% of…
BestAIBroker analysis
- Finance-aware sentiment: positive (+0.60 on a -1 to +1 scale).
- Event classification: OTHER.
- Market importance score: 30/100, weighting entity relevance, source credibility, multi-outlet coverage and recency.
- Symbols referenced: STRC.