Strategy Acquires 1,587 BTC as Confidence Returns

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The company's total stash has now grown to 846,842 BTC.

Two weeks after announcing its first BTC sale in roughly four years, the Michael Saylor-founded business intelligence giant has reaffirmed its support for bitcoin, acquiring another 1,587 units for approximately $100 million.

The average purchase price was just over $63,000, and the company has also increased its USD stash by another $100 million to $1.1 billion. Its total crypto fortune has grown to 846,842 BTC, currently valued at almost $56 billion.

Recall that Strategy sold off 32 BTC a couple of weeks ago, which, despite what some critics claimed, wasn’t a capitulation event. Instead, it was necessary to support preferred stock distributions, including cash dividends across the firm’s stock series.

Aside from FUD that was among the reasons behind bitcoin’s price collapse to a 19-month low beneath $60,000, Strategy’s decision raised some eyebrows within the community and prompted Jim Cramer to say that the firm and its co-founder had “killed” the cryptocurrency.

Saylor was quick to respond, refuting the FUD and indicating that he never said the company would not sell any BTC when it becomes necessary. However, he remains a firm believer that individual investors should refrain from dumping their bitcoin.

Moreover, Strategy resumed its accumulation spree last week, buying 1,550 BTC for just over $100 million.

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