Strategy Buys $370M in Bitcoin After 10-Week Break

Strategy, the biggest company owner of Bitcoin in the world, is buying again. After taking a 10-week break, the company purchased nearly $370 million worth of the cryptocurrency last week.

Strategy (formerly called MicroStrategy) is a software company that decided back in 2020 to store its money in Bitcoin instead of just cash. This is called a "treasury strategy" — the way a company manages and invests the money it keeps in reserve.

Here are the key numbers from its latest purchase:

• Bitcoins bought: 4,603 coins
• Total spent: $369.7 million
• Average price per coin: $80,318
• Dates of purchase: August 24 to August 30

This buy is a change of direction. Since June, Strategy had paused its Bitcoin shopping. Instead, it built up a cash buffer (a safety pile of regular money), bought back some of its own stock (shares that represent ownership in the company), and even sold a bit of its Bitcoin.

The company's boss, Phong Le, explained that Strategy now wants to be flexible — buying and selling at smart moments to create more value for the people who own its shares (shareholders).

Strategy's total holdings are massive:

• It now owns 845,050 bitcoins, worth about $65.8 billion today.
• It has spent more than $63.7 billion buying Bitcoin over the years.
• It also keeps a $5.1 billion USD Reserve and a new $1.61 billion USD Cash reserve (both piles of regular dollars kept aside).

Meanwhile, Bitcoin's price sat around $77,821 on Monday. That's down slightly from last week's high of $81,281, but it has still jumped more than 24% over the past 30 days. Strategy's own stock (traded under the symbol MSTR) is up a little for the day but down nearly 20% since the start of the year.

In short: Strategy has jumped back into buying Bitcoin in a big way, showing its long-term belief in the cryptocurrency even after months on the sidelines.

This is an AI-generated summary. Read the original article at: https://bitcoinmagazine.com/news/strategy-resumes-bitcoin-buys