Funding
Strategy Buys $21.5M in Bitcoin
Bitcoin juggernaut Strategy has spent $21.5 million on 250 bitcoins from October 5 and October 11, according to a Monday filing. The company, formerly MicroStrategy, has been accumulating bitcoins for the past four weeks, with its stock (MSTR) trading nearly 2% higher. Strategy has two cash reserves: the USD Reserve for dividends and interest payments, and the USD Cash for bitcoin purchases. The company has been buying the cryptocurrency since 2020 to protect shareholders from inflation and now focuses on products that pay investors yield via its preferred shares. Despite a 50% decline in its Nasdaq-listed stock over the past year, Strategy's stock has appreciated nearly 1,000% since it started buying bitcoin in August 2020.