Strategy Buys 535 Bitcoin for $43M After Hinting at Potential Sales

Michael Saylor's Strategy (MSTR) has purchased 535 bitcoin for approximately $43 million, at an average price of $80,340 per coin.

The acquisition brings Strategy's total holdings to 818,869 BTC, bought for $61.86 billion at an average cost basis of $75,540. With bitcoin trading above $81,000, the company's stash is currently in profit.

Last week's purchases were funded by $42.9 million raised through sales of the company's preferred stock, according to a May 11 SEC filing.

This purchase follows Strategy's first-quarter earnings call, where the company said it was prepared to sell bitcoin to repay convertible debt or fund dividend obligations, provided the move remains accretive on a bitcoin-per-share basis.

MSTR shares rose more than 1% in pre-market trading.