Strategy buys 520 BTC for about $35 million. Michael Saylor announced the purchase on X on Monday, June 22.
The company completed this acquisition at an average cost of $67,068 per BTC. Consequently, Strategy′s Bitcoin reserve now holds 847,363 BTC. However, this purchase is relatively smaller than last week′s $100 million BTC buy.
Why Strategy buys 520 BTC while boosting cash reserves
The latest 8K filing reveals that Strategy boosted its USD reserve by $300 million to $1.4 billion. This surge in cash reserves comes from “plans to continue replenishing it to support the credit quality of its Digital Credit securities.” Therefore, the company could use these proceeds to get STRC back to par after it is trading around $88 today.
Experts expect Strategy to increase the dividend rate for STRC. This would increase buying pressure and restore its $100 par value. Alternatively, the firm could consider stock buybacks.
