MicroStrategy Snaps Up Bitcoin for Eighth Straight Week. The Stock Rises. — Barrons.com
By Mackenzie TatananniMicroStrategy kicked off the new month with yet another Bitcoin purchase, days after announcing that the company's total holdings of the cryptocurrency crossed the 580,000 mark.The software company, which does business as Strategy, said in a filing with the Securities and Exchange Commission on Monday that it had purchased 705 Bitcoins in the period from May 26 to June 1.The digital tokens were acquired at an aggregate price of $75.1 million, or around $106,495 each, Strategy said. As of June 1, the company's holdings totaled 580,955 Bitcoins bought for a combined $40.68 billion or roughly $70,023 each.Shares rose 0.6% to $371.40 while the broader market traded mixed. The S&P 500 and tech-heavy Nasdaq Composite were down 0.5% and down 0.3%, respectively.While the latest purchase isn't the smallest on record, acquisitions have usually been in the thousands of Bitcoins. Strategy's smallest-ever purchase came in March, when the company snapped up 130 tokens as the price of the cryptocurrency stalled below $85,000.The price of Bitcoin exploded past $109,000 last week, reaching an all-time high of around $112,000, but it has pulled back. On Monday, it has fallen 0.6% over the past 24 hours to $104,587, according to CoinDesk.The price of Bitcoin has wavered amid intensifying macroeconomic uncertainty. While the crypto is often touted as a hedge against inflation, it is subject to volatility during periods of market instability.Strategy, for one, has been buying the dip. The purchases reported Monday marked the eighth straight week Strategy has bought Bitcoin.Chairman and CEO Michael Saylor signaled the incoming announcement in a social media post on Sunday."Orange is my Preferred Color," the billionaire wrote above a chart showing Strategy's Bitcoin portfolio, where purchases were represented by orange dots.Write to Mackenzie Tatananni at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.