Key Takeaways
- Strategy acquired 1,229 BTC for nearly $109 million.
- Ongoing turmoil in Bitcoin has pressured the stock, which is now off 45% since the start of the year.
Strategy, the publicly traded company that treats Bitcoin as its primary treasury reserve asset, said it bought 1,229 BTC last week at an average price of $88,568 per coin, lifting its total holdings to 672,497 BTC.
With Bitcoin changing hands at $87,343 at press time, Strategy’s holdings are now worth close to $59 billion. Despite the recent pullback in Bitcoin, the company is still sitting on more than $8 billion in unrealized gains.
According to a recent disclosure, Strategy funded its latest acquisition through sales of 663,450 shares of Class A common stock under its ATM program for the week ended December 28, generating approximately $109 million in net proceeds.
The company did not sell any of its preferred securities during the period and maintains substantial capacity for future issuance.
Shares of Strategy slipped ahead of Monday’s market open, according to data from Yahoo Finance. The pullback comes as Bitcoin’s recent swings continue to weigh on the stock, which has fallen about 45% so far this year.
Source: https://cryptobriefing.com/strategy-buys-bitcoin-price/
