Michael Saylor’s Strategy buys Bitcoin again as surprise rally pushes price above $85,000

Bitcoin has been rising during a month that has historically been bearish for the asset.

Strategy, the world’s largest corporate Bitcoin holder, bought 950 Bitcoin for nearly $76 million over the past week, according to its latest financial disclosure.

The purchase marked the company’s first Bitcoin acquisition in roughly three weeks and lifted Strategy’s total holdings to 846,000 Bitcoin.

It coincided with the price of Bitcoin surging more than 6% over the past 24 hours to nearly $86,000, and led to a jump in Strategy shares of nearly 9% to $167.

The rise in Strategy’s share price was also helped by the company spending $174 million to repurchase STRC, its dividend-paying preferred shares.

Strategy, led by the flamboyant billionaire Michael Saylor, is an outsize player in the Bitcoin market as it holds around 4% of the total supply.

The latest rise in Bitcoin’s price has extended the cryptocurrency’s recovery from a yearlong bear market.

Bitcoin fell as low as $58,000 in June, roughly 53% below its $125,000 price last October.

The volatility has directly affected Strategy, whose vast Bitcoin holdings have made its stock a proxy for the cryptocurrency.

Saylor has long championed a “never sell your Bitcoin” mantra, but in the past four months his company has sold Bitcoin four times.

As Bitcoin’s decline squeezed the company’s finances, Strategy created STRC last year to raise cash from investors for more Bitcoin purchases.

The preferred shares pay investors regular dividends.

As the cryptocurrency rebounded over the past month, Strategy returned to buying, making two purchases.

Its latest STRC buyback also reduced the company’s future payments to investors.