MicroStrategy resumes Bitcoin purchases with 4,603 BTC acquisition

MicroStrategy has resumed its Bitcoin accumulation following a quieter summer period. In a three-week span ending in late August, the company acquired 4,603 BTC for approximately $370 million, at an average price of $80,318 per coin. This brings the company's total holdings to 845,050 BTC.

CEO Phong Le defended the company's recent trading activity, specifically addressing the decision to sell Bitcoin near the $60,000 mark earlier in the summer only to repurchase it at higher prices. Le stated that these decisions are driven by balance sheet management and financing costs rather than solely by Bitcoin's price fluctuations. He explained that the summer sales were intended to fund STRC dividends and strengthen the company's financial position, noting that the company reduced its net debt during the period when it was not purchasing cryptocurrency.

The recent purchases were financed through the sale of MicroStrategy stock.