Strategy Spends Nearly $1 Billion on Largest Bitcoin Purchase in Over 100 Days
Strategy made its largest Bitcoin purchase in over 100 days by spending $963 million to acquire 10,624 BTC. This acquisition was largely funded through issuing common stock. With this latest purchase, Strategy's total holdings have reached approximately 660,600 BTC, valued at around $60 billion at current prices.
This recent buyout follows nearly $1 billion in Bitcoin purchases made last week, according to a press release. The new acquisition matches the total Bitcoin buying activity of Strategy since mid-September when BTC was trading near $115,000.
Strategy's stock traded around $180 on Monday. Although shares have halved in value over the past six months, they increased by about 7.5% over the last five trading days, coinciding with Bitcoin's price hovering near $90,000.
Cantor Fitzgerald has lowered price targets for Strategy and flagged the potential exclusion from the MSCI index as a bearish factor. The firm noted that Strategy is in discussions with MSCI regarding this decision, as reported by Reuters. Additionally, TD Cowen emphasized the prudence of Strategy maintaining a $1.4 billion cash reserve, suggesting this creates room for future dividend payments.
In related context, Metaplanet is pursuing a Bitcoin strategy, Twenty One Capital (ticker XXI) is planning to trade on the NYSE, and 43,500 BTC valued around $3.9 billion were moved from escrow.
