Strategy Bought $142 Million in Bitcoin as Cryptocurrency Hit 8-Month High

Dow Jones
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Strategy announced Monday that it had made another purchase of Bitcoin, adding to its largest corporate holding of the cryptocurrency.

Strategy disclosed in a Securities and Exchange Commission filing that it purchased 1,665 Bitcoin last week at an average cost of $85,681, for a total of $142.7 million.

Strategy, formerly known as MicroStrategy, holds 847,000 Bitcoin acquired at an average purchase price of about $75,437, valuing its trove at $64 billion, according to the regulatory filing.

Bitcoin Monday fell 2% over the last 24 hours to $82,755.30 on Monday, according to CoinDesk. The cryptocurrency is up 5.4% this month, but its price has dropped 5% since hitting an intraday high of $87,363.20 on Sept. 21, its highest level since January.

It's the second purchase of Bitcoin for Strategy in as many weeks, following its acquisition of $396.7 million worth of the cryptocurrency the prior week.

Strategy shares fell 1.7% on Monday to $155.83. The stock has fallen in each of the last five sessions and is pacing its longest losing streak since June, when it declined for eight straight sessions, according to Dow Jones Market Data.

 

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