Bitcoin treasury Strategy resumed its bitcoin buys last week, snapping up nearly $370 million in the leading cryptocurrency, according to a Monday announcement from the company.
A filing with the Securities and Exchange Commission shows that Strategy bought 4,603 bitcoins for $369.7 million between August 24 to August 30. Each coin was bought at an average price of $80,318, according to the filing.
The buy comes after Strategy paused its bitcoin buys in June, instead focusing on building a cash buffer, buying back its stock and even sometimes selling some of its holdings.
“Strategy is evolving from one-way capital issuance to active capital management,” Strategy CEO Phong Le said in June. “We intend to move between issuing securities when capital is attractive and repurchasing securities when our instruments trade at levels that make buybacks accretive. This flexibility is designed to create shareholder value, improve corporate performance, and strengthen the quality and market standing of Strategy’s securities in the eyes of investors.”
Strategy now has $5.1 billion in its USD Reserve and $1.61 billion its new USD Cash reserve — which was announced last week.
The company holds 845,050 bitcoins worth $65.8 billion at today’s prices.
Software company Strategy — formerly MicroStrategy — began buying bitcoin in August 2020 as a treasury strategy to boost shareholder returns during the pandemic.
It has since spent more than $63.7 billion on buying bitcoin and remains by far the largest corporate holder of Bitcoin in the world. Its approach spawned a wave of copycat companies that have since adopted similar crypto-treasury strategies of their own.
Chairman and Strategy founder Michael Saylor has said that the company is now focusing on creating digital credit: high-yield products, such as its preferred equity, STRC, which are backed by its bitcoin holdings.
Strategy’s stock (NASDAQ: MSTR) was trading slightly higher on Monday morning in New York. Year-to-date, its price has dipped nearly 20%.
Bitcoin was trading for $77,821 on Monday morning in New York after hitting a high last week of $81,281. Over a 24-hour period, the coin now sits unmoved, but over a 30-day period, it has jumped by more than 24%.
