Strategy's $835M Bitcoin Buy, Despite Stock Drop

Strategy, a prominent company, made its largest Bitcoin purchase in over four months, spending $835 million on the digital currency. This acquisition, valued at around $61 billion, brings their total Bitcoin holdings to nearly 650,000. The company funded this purchase with a new type of share denominated in euros and traded in Luxembourg, raising approximately $700 million. They also sold $136 million worth of preferred shares. Despite a 31% drop in their stock price over the last month, Strategys co-founder confirmed they were accelerating their Bitcoin buying, purchasing Bitcoin every day that week. Some analysts believe concerns about a debt-fueled crisis are overblown, as none of their bonds mature until 2028.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.