Michael Saylor's MicroStrategy Resumes Bitcoin Purchases
MicroStrategy (NASDAQ:MSTR), led by Michael Saylor, has resumed buying Bitcoin after a summer of sales. The company added 950 BTC for approximately $75.7 million in its first purchase since late August, bringing total holdings to 846,000 coins valued at around $63.8 billion. The latest acquisition marks the end of a period where MicroStrategy reduced its Bitcoin stack by selling over 3,500 BTC for about $216 million in June and July. The company also spent significant capital on preferred stock repurchases and dividend payments during this time. Despite these outlays, MicroStrategy's shares rose nearly 9% to $167.47 at the time of reporting. The move reflects a broader rebound in the crypto market, with Bitcoin hitting an eight-month high amid increased investor confidence.
