Strategy buys even more Bitcoin—$264 million of it—even as Bitcoin slumps to $87,000.
Despite the current downturn for crypto, Strategy added even more Bitcoin to its collection. The company bought more than 2,900 Bitcoin last week, bringing its total to over 712,000, according to an X post by co-founder Michael Saylor. The move follows a more than $2 billion purchase earlier this month.
Strategy is the first and biggest digital asset treasury, or a type of company that acquires and holds onto large amounts of crypto. Saylor’s company began investing in Bitcoin in 2020 and now holds more than 3% of the total supply. This business model has confronted major challenges in the past few months, as the largest cryptocurrency has plummeted since its all-time high in October. Bitcoin is worth about $87,000, down about…
