The largest corporate holder of Bitcoin, Strategy, bought another 267 BTC last week, increasing their holdings to 848,517 digital coins, which are valued at $69.5 billion at current prices.
According to the documents submitted on Monday, the software company stated that the expenditure for purchasing new bitcoins this time was slightly over 22 million US dollars.
This latest purchase has resulted in Strategy increasing its holdings of the coin slightly more than in the previous week. Last week, the company also spent approximately $22 million to buy 250 units of BTC. So far, Strategy has spent $73 million on buying Bitcoin in October.
On Monday morning, New York time, the stock of Strategy (Nasdaq code: MSTR) rose by nearly 2%, reaching around $139 per share. Over the past month, MSTR has fallen by 17%; from the beginning of the year to date, it has fallen by 11%.
The documents from Monday also show that Strategy repurchased $193.1 million worth of STRC preferred stocks.
Due to market fluctuations and index adjustments, the trading price of the STRC preferred stocks of Strategy is below the par value of $100, and the company has been repurchasing these shares this year.
Strategy – formerly known as MicroStrategy – began buying Bitcoin in August 2020 as a way to strive for better returns for shareholders.
Since then, the company has invested approximately $64 billion in BTC, making it the largest corporate holder of this asset. Investors can gain exposure to this leading cryptocurrency by purchasing its shares, without having to buy Bitcoin themselves.
The company is currently also focusing on products that pay returns to investors through its STRF, STRC, STRK, and STRD preferred stocks.
However, after Morgan Stanley Capital International stated last week that it would advance a proposal, Strategy may soon face trouble. The proposal aims to “define and classify non-operating companies as not eligible to be included in the MSCI Global Investable Markets Index.”
If this measure is ultimately implemented, Strategy may be removed from the index, which could result in a decrease in institutional investors holding that stock.
