Business intelligence firm Strategy has snapped up an additional $50 million worth of Bitcoin (BTC), according to a Monday announcement. This is the company’s biggest purchase since late September.
The latest batch of coins has been acquired at an average price of $102,557, pushing the firm’s average purchasing price a tad higher to $74,079.
With the latest Bitcoin buy, the company’s Bitcoin holdings have now swelled to a whopping 641,692 BTC.
Mounting criticism
Strategy is facing mounting skepticism following its stock plunge. Prominent venture capitalist and angel investor Jason Calacanis recently suggested that the company could go belly-up, urging investors not to touch it.
Strategy recently secured a credit rating of B‑ from S&P Global Ratings. Even though this was presented as a milestone by the company, the Financial Times argues that the rating shows Strategy’s lack of diversification and large debt obligations.
The company has also increased the dividend on one of its preferred stock offerings in order to entice investors.
The Wall Street Journal recently published a not-so-flattering article about digital asset treasury companies, arguing that the strategy pioneered by Saylor might be tapped out.
Meanwhile, MSTR bear Jim Chanos has emerged victorious from his anti-Saylor bet, recently announcing that Kynikos Associates had closed its position.
That said, Saylor knows a thing or two about having stunning comebacks, so it would not be prudent to count him out just yet.
Source: https://u.today/breaking-strategy-announces-biggest-bitcoin-purchase-since-late-september
