Corporate Bitcoin treasury firm Strategy restarted its bitcoin accumulation last week, acquiring nearly $370 million worth of the premier digital asset, based on a Monday update from the enterprise.
A regulatory submission with the Securities and Exchange Commission reveals that Strategy acquired 4,603 bitcoins totaling $369.7 million from August 24 through August 30. The document indicates that each coin was purchased at an average cost of $80,318.
This acquisition follows Strategy halting its bitcoin purchasing program back in June to direct its attention toward creating a cash reserve, repurchasing its own equity, and occasionally offloading a portion of its digital assets.
“Strategy is evolving from one-way capital issuance to active capital management,” Strategy CEO Phong Le stated 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 currently possesses $5.1 billion within its USD Reserve alongside $1.61 billion in its newly established USD Cash reserve—a facility revealed during the prior week.
In total, the enterprise holds 845,050 bitcoins, carrying a valuation of $65.8 billion based on current market rates.
Software provider Strategy—previously known as MicroStrategy—commenced acquiring bitcoin in August 2020 as a balance sheet approach to enhance shareholder value amid the pandemic.
Since that time, the organization has deployed beyond $63.7 billion into bitcoin acquisitions and continues to stand as the undisputed largest corporate holder of Bitcoin globally. Their strategic path triggered an influx of peer organizations adopting comparable crypto treasury frameworks.
Founder and Chairman Michael Saylor has noted that the firm is currently prioritizing the development of digital credit mechanisms: high-yielding instruments, including its STRC preferred equity, secured by its underlying bitcoin reserves.
Shares of Strategy (NASDAQ: MSTR) edged upwards during Monday morning trading hours in New York. On a year-to-date basis, its equity value has declined by roughly 20%.
Meanwhile, Bitcoin was changing hands at $77,821 on Monday morning in New York following a climb to a peak of $81,281 over the previous week. Throughout the past 24 hours, the token has traded flat, though it has gained upward of 24% over the preceding 30 days.
Originally published at https://bitcoinmagazine.com/news/strategy-resumes-bitcoin-buys.
