Strategy Stock Has Nearly Doubled from Its June Low as Bitcoin Buying Continues

Dow Jones
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Strategy, the largest corporate holder of Bitcoin, bought another $29 million of the cryptocurrency, it disclosed Monday.

Strategy, formerly known as MicroStrategy, disclosed in a Securities and Exchange Commission filing that it acquired 334 Bitcoin between Oct. 1 and Oct. 4 at an average cost of $85,838.80 per token. The company acquired its trove of 848,000 Bitcoin for about $64 billion, at an average purchase price of about $75,440.70 per token, according to the regulatory filing.

The company separately disclosed it sold 93,000 common shares, raising $15.7 million, and repurchased $74 million in preferred stock during the same period.

Bitcoin rose 1.3% over the last 24 hours to $86,421.90 on Monday, according to CoinDesk.

Strategy's latest purchases come as Bitcoin has traded near its highest level since January in recent weeks. The cryptocurrency hit an intraday high of just over $87,000 on Sept. 21, though it traded lower before it returned to the $86,000 mark last week.

Shares of Strategy rose 2.2% to $163.61. The stock has surged 99% since hitting a 52-week closing low of $82.32 on June 26, according to Dow Jones Market Data. Robinhood Markets added 1.1%, and Coinbase advanced 3.6%.

Strategy, whose shares are watched by investors as an equity proxy for Bitcoin, disclosed its previous purchase of the cryptocurrency two weeks earlier. The company said on Sept. 28 it bought $143 million in Bitcoin, just a week after spending $397 million on the cryptocurrency.

 

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