Strategy returns to Bitcoin with $75 million added last week

Strategy reopened Bitcoin shares after a nearly two-month hiatus, spending $75.7 million on 950 units last week.

Strategy (MSTR, closing price $165.48) completed its first Bitcoin purchase since the end of August last week for 950 units of the BTC , with a total expenditure of about US$75.7 million and an average purchase cost of US$79670 per unit. This move indicates that the well-known Bitcoin holding company has restarted growth after months of market volatility.

A regulatory filing Monday morning disclosed the source of funds for this purchase. The documents show that Strategy used its US dollar reserves to fund the Bitcoin -dollar acquisition. In addition, Strategy also used $174 million in cash to repurchase STRC securities and paid out $57.4 million to pay preferred stock dividends.

Total holdings of 846,000 units at an average cost of $74,417

Under the leadership of Executive Chairman Michael Saylor, Strategy continues to execute on its long-term coin strategy. As of the completion of this acquisition, the company's cumulative Bitcoin holdings amounted to 846,000 coins with a total purchase cost of approximately $63.81 billion and an overall average price of $74.417 per unit. At current currency prices, its holding is still in the profit range.

It is worth mentioning that the purchase price (US$79,670) was higher than the company's average cost of holding a position, but still significantly lower than its previous high. The return to business after more than two months has also been viewed by the market as an optimistic sign for the long-term value of Bitcoin

MSTR rises 7% before the close, Bitcoin simultaneously strengthens

The MSTR share price was up about 7% in pre-order trading, driven by a double boost from news of increased holdings and the currency's recovery. At the same time, the Bitcoin price rebounded to around $84,500, with an increase of 4.5% over the past 24 hours.