Strategy is finally buying bitcoin again

00:00 Scott Melker

After selling Bitcoin near the bottom, Michael Saylor and Strategy are back at it again, buying Bitcoin. But the headline doesn't tell the entire story because the real story is how they are doing it. I'm going to tell you about that and more on the Daily Wolf right now. Let's go.

00:20 Scott Melker

What is up everybody? Happy Monday and welcome to the Daily Wolf on Yahoo Finance. I am your host Scott Melker, also known as the Wolf of All Streets. And you know what we have to do today because it's Monday.

00:34 Scott Melker

We got to talk about Michael Saylor. It's become a tradition and today we have a lot to talk about. If you missed the news, here it is.

00:46 Scott Melker

Sailor, strategy restarts Bitcoin buying, spending $370 million. So, they purchased 4,603 Bitcoin for $369.7 million, paying an average of 8,318 per Bitcoin. Now, if you pay attention, you tend to see that the highest price of the week is the price that

01:25 Scott Melker

Saylor and strategy buy Bitcoin at. I don't know what formula they're using. I don't know how they time the market, but they tend to always buy the highs in whatever period they are buying. So, this was their first Bitcoin purchase in roughly two months, actually almost 10 weeks. And strategy now owns 845,050 Bitcoin acquired for $63.73 billion at an average price of 75,412. So right now, Saylor after being underwater by over $10 billion is back in profit. But the big story here is not that they bought Bitcoin or that they bought Bitcoin higher, it's how they bought Bitcoin and they did it by selling 4.53 million newly issued MSTR shares, which raised $602.8 million. But whoa, whoa whoa whoa.