Strategy Snaps Up $109 Million Worth of Bitcoin After Week-Long Dry Spell — Barrons.com
By Mackenzie TatananniStrategy, the company best known as the world's largest corporate holder of Bitcoin, bought more cryptocurrency after pausing its purchases last week.In the period from Dec. 22 to Sunday, Dec. 28, Strategy bought 1,129 digital tokens for roughly $88,568 apiece, or around $108.8 million in total, according to a filing Monday with the Securities and Exchange Commission.The latest transaction brought Strategy's Bitcoin horde to 672,497 tokens purchased for roughly $74,997 each, or $50.44 billion.Over the same period, the company sold $108.8 million worth of Class A common stock under its at-the-market equity offering, leaving $11.7 billion remaining for issuance and sale.The disclosure drove Strategy stock slightly higher as it reversed earlier losses from the premarket session. The price of Bitcoin had slipped 0.2% over the past 24 hours to $87,323, according to CoinDesk.As is customary, Chairman Michael Saylor teased the upcoming purchase in a social media post on Sunday. "Back to Orange," Saylor captioned a graph depicting Strategy's Bitcoin holdings. The language may seem cryptic, but to Strategy fans it's fairly straightforward: Orange dots represent purchases on the company's treasury charts.Strategy normally discloses transactions at the start of each week. The company steadily has snapped up Bitcoin since unveiling its treasury method at the end of 2020, and has been using the sale of preferred stock to fund those purchases.The transactions are so frequent that it's more striking when the company goes a week without buying Bitcoin, as was the case at the end of November. Strategy's silence on Nov. 24 indicated the company hadn't purchased any crypto in the preceding seven days, nor had it issued any securities under its ATM offerings.The company paused its purchases yet again between Dec. 15 and Dec. 21, snapping a three-week buying streak, though it did sell $747.8 million worth of common stock.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.