Strategy resumes bitcoin purchases as BTC rallies back to $84,500

Strategy (MSTR$164.12·Market Closed made its first bitcoin purchase since late August, acquiring 950 BTC for $75.7 million last week at an average price of $79,670 per coin.

The purchase was funded through the sale of $80.1 million of common stock, according to a Monday morning regulatory filing. The remaining proceeds were used to repurchase $174 million of the company’s STRC preferred stock and bolster its cash reserves.

Led by Executive Chairman Michael Saylor, Strategy now holds 846,000 BTC, acquired for a total of $63.81 billion at an average price of $74,417 per coin.

MSTR shares rose 7% in pre-market trading as bitcoin climbed to $84,500, gaining 4.5% over the past 24 hours.