Business 4 min read By Bethany Hadley
Strategy buys $21m of Bitcoin as corporate crypto buying revives
Strategy has resumed Bitcoin purchases, buying over $21 million worth last week to bring its total holdings to roughly $70 billion, as other companies including Strive and Robinhood return to corporate crypto buying.
Strategy, the corporate crypto heavyweight led by billionaire Michael Saylor, has bought more than $21 million worth of Bitcoin, extending its return to accumulation and bringing its total holdings to roughly $70 billion. The company announced the purchase on Monday, confirming its fifth Bitcoin buy since August.
The purchase was funded by selling over 125,000 shares of common stock and using $500,000 in cash. Strategy also spent approximately $192 million to repurchase nearly 2 million shares of STRC, a type of preferred stock that makes regular payments to investors. The dual move underscores the company's continued use of capital markets to support its Bitcoin strategy.
Strategy's latest buy comes as Bitcoin has broken out of a prolonged trading lull. The cryptocurrency climbed to around $77,000 in mid-August for the first time since May and has largely held above that level since. It was trading at $82,600 on Monday morning. The rebound follows a steep downturn that pushed Bitcoin from a high of $126,000 last October to a low of $58,000 in June.
During that slump, Strategy—which holds roughly 4% of Bitcoin's circulating supply—sold portions of its stockpile on four occasions. As the price recovered, the company stopped selling and returned to stockpiling. The shift reflects renewed confidence in the digital asset's trajectory.
Strategy is not alone in wading back into Bitcoin. Other companies have recently added crypto to their balance sheets, breathing life back into corporate crypto buying. Earlier this month, Strive, the asset manager cofounded by billionaire Vivek Ramaswamy, announced a $169 million purchase of 2,000 Bitcoin, bringing its stockpile to roughly $2.4 billion.
Robinhood, the crypto trading platform led by CEO Vlad Tenev, also joined the ranks of corporate Bitcoin buyers and recently disclosed a $25 million investment for its own balance sheet. Metaplanet, the Japanese investment firm and the world's second-largest publicly traded Bitcoin treasury company, announced this month that it sold 10,000 Bitcoin and bought 11,000 in the third quarter to demonstrate to credit markets that it could convert its holdings into cash when needed.
Companies are not only stockpiling Bitcoin. Bitmine, a Bitcoin miner turned Ethereum treasury company, announced this month that it had added roughly $41 million worth of the cryptocurrency to its treasury. The purchase brought its holdings to about 6 million tokens—nearly 5% of Ether's total supply.
The renewed buying comes as Bitcoin's recovery fuels hopes of further gains. The cryptocurrency has held up despite recent interest rate hikes in the United States and renewed tensions in the Middle East. Analysts expect Bitcoin to recover further by year-end, with one strategist predicting a summer bottom followed by a rebound toward $100,000.
Strategy's latest purchase signals that corporate treasuries are once again willing to allocate capital to digital assets, even as macroeconomic uncertainty persists. The company's ability to fund purchases through stock sales and cash reserves highlights the financial engineering that underpins its Bitcoin strategy. With Bitcoin trading above $82,000, the move may encourage other firms to follow suit.
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