business
Strategy buys 1,550 bitcoin, first time since selling $2.5 million worth of BTC
Key takeaways
- The purchase comes after bitcoin fell around 15% last week, briefly trading below $60,000 before rebounding above $62,000.
- The latest acquisition marks the first buy since the company's bitcoin sale and expands Strategy's reserve while also adding to its balance sheet liquidity.
- The company disclosed that it increased its U.S. dollar reserves by $100 million, bringing total cash reserves to $1 billion.
The company raised $181 million through common stock sales, using the proceeds to fund the bitcoin purchase and increase its cash reserves to $1 billion.Strategy (MSTR) acquired 1,550 bitcoin for approximately $101 million, increasing its total holdings to 845,256 BTC, according to a Monday announcement from Executive Chairman Michael Saylor.
The purchase comes after bitcoin fell around 15% last week, briefly trading below $60,000 before rebounding above $62,000. The decline in bitcoin price followed, at least partially, after Saylor sold 32 bitcoin on June 1.
The latest acquisition marks the first buy since the company's bitcoin sale and expands Strategy's reserve while also adding to its balance sheet liquidity.
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