Michael Saylor’s firm Strategy announced that its Bitcoin reserves have grown to 848,250 BTC following its most recent acquisition, alongside maintaining a cash buffer of $4.88 billion.
Strategy acquired 250 Bitcoin valued at $21.5 million over the past week, representing a second successive week of declining acquisition volume as total reserves hit 848,250 BTC.
As detailed in an official press release published on Strategy’s website, the firm financed $21 million of the acquisition via common stock offerings, using current cash reserves for the remaining $500,000 between Monday and Sunday.
Furthermore, Strategy kept buying back shares of its STRC preferred stock, allocating $192.4 million throughout the week, which is an increase from the $176.3 million spent the week prior.
Yahoo Finance data indicated that the enterprise’s Nasdaq-listed common stock, MSTR, rose under 1% prior to Monday’s opening bell, while the preferred stock was set to begin trading at $99.68 per share.
The enterprise stated it holds a $4.88 billion US Reserve designated for covering preferred dividend distributions and debt servicing. Meanwhile, its distinct USD Cash reserves totaled $640.5 million as of Sunday.
This acquisition came after a Sunday statement by founder and executive chairman Michael Saylor, who hinted at another crypto purchase by posting, “There’s always room for more orange.” Strategy normally discloses its Bitcoin acquisitions through reports submitted to the US Securities and Exchange Commission, which remained shut on Monday in observance of Columbus Day.
Strategy’s pace of crypto accumulation has moderated over the past several months. Its total holdings expanded by a mere 0.2% during the third quarter, matching the acquisition of 7,218 BTC against the disposal of 5,553 BTC.
Related: Crypto Biz: Wealthy investors are buying crypto, but their advisers aren’t sold
Originally published at https://cointelegraph.com/news/michael-saylor-strategy-250-btc-buy?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound.
