Cryptocurrency treasury firm Strategy (NASDAQ: $MSTR) has resumed its Bitcoin (CRYPTO: $BTC) purchases following a recent sale that spooked investors.
The company led by Executive Chairman Michael Saylor purchased 1,550 Bitcoin for approximately $101 million U.S. over the past week.
The latest purchases increase Strategy’s total holdings of BTC to 845,256. The company owns more Bitcoin than any other firm in the world.
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The new purchases are likely to soothe investors who were upset after Strategy sold 32 Bitcoin on June 1 for proceeds of $2.5 million U.S., its first sale of BTC in four years.
That sale is being blamed for sparking a 15% decline in Bitcoin’s price over the past week, with the cryptocurrency briefly falling below $60,000 U.S. on June 5, its lowest level in two years.
In early trading on June 8, BTC is trading just above $62,000 U.S., having risen 2% over the weekend.
Strategy has also disclosed that it increased its U.S. dollar reserves by $100 million U.S., bringing its total cash reserves to $1 billion U.S.
Strategy’s average acquisition price of Bitcoin is $75,680 U.S. The company’s Bitcoin holdings are now worth about $64 billion U.S.
MSTR stock has decreased 69% in the last 12 months to trade at $120.44 U.S. per share.
