Strategy Keeps Buying: Third Purchase This Month Brings October Spending to $73 Million

The largest corporate holder of bitcoin, Strategy, bought another 267 BTC last week, bringing its holdings to 848,517 digital coins — worth $69.5 billion at today’s prices. 

According to a Monday filing, the software company said it spent slightly more than $22 million on buying the new bitcoins. 

The latest buy allowed Strategy to snap up slightly more coins than its transaction the previous week, when it spent again $22 million on 250 BTC. So far in October, Strategy has spent $73 million on buying bitcoin. 

Strategy stock (NASDAQ: MSTR) was trading nearly 2% higher Monday morning New York time at about $139 per share. Over the past month, MSTR has dropped by 17%. Year-to-date, it’s down 11%. 

Monday’s filing also shows that Strategy also repurchased $193.1 million of its STRC preferred stock. 

Strategy has bought back its stock this year as its STRC preferred shares have traded below their $100 face value due to market volatility and index changes.

Strategy — formerly MicroStrategy — started buying Bitcoin in August 2020 as a way to generate better returns for its shareholders. 

It has since spent around $64 billion on BTC, making it the largest corporate holder of the asset. Investors can buy its shares to gain exposure to the leading cryptocurrency without having to buy bitcoin themselves.