Strategy resumes bitcoin buying after 10-week hiatus

Strategy resumed bitcoin purchases after a 10-week hiatus. Strategy spent $369.7 million on the purchases. Strategy bought 4,603 bitcoins from August 24 to August 30. The filing put the average purchase price at $80,318 per bitcoin. Strategy had paused purchases in June. Strategy focused on building a cash buffer during the pause. Strategy also bought back its stock during the pause. Strategy sometimes sold some of its holdings during the pause. Strategy has $5.1 billion in its USD Reserve. Strategy has $1.61 billion in its USD Cash reserve. Strategy holds 845,050 bitcoins. Those holdings were worth $65.8 billion at today's prices. Strategy CEO Phong Le said in June that the company was moving from one-way capital issuance to active capital management. Phong Le said Strategy intended to issue securities when capital was attractive. He said Strategy also intended to repurchase securities when buybacks were accretive. Strategy founder and Chairman Michael Saylor has said the company is focusing on creating digital credit. The company describes high-yield products such as its preferred equity, STRC, as backed by its bitcoin holdings. Strategy, formerly MicroStrategy, began buying bitcoin in August 2020 as a treasury strategy to boost shareholder returns during the pandemic. Strategy has spent more than $63.7 billion on bitcoin purchases. Strategy remains the largest corporate holder of bitcoin in the world. The company's approach led other companies to adopt similar crypto-treasury strategies. Strategy stock was trading slightly higher on Monday morning in New York. Strategy stock has declined nearly 20% year to date. Bitcoin was trading at $77,821 on Monday morning in New York. Bitcoin reached a high of $81,281 last week. Bitcoin was unchanged over the previous 24 hours. Bitcoin had gained more than 24% over the previous 30 days.