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Bitcoin giant Strategy, unfazed by Binance hack, adds over $65 million BTC to its holdings
Strategy, the publicly traded Bitcoin-holding company owned by billionaire Michael Saylor, is treating the market turmoil around last week’s massive Binance hack as a shopping opportunity.
The company’s latest Bitcoin shopping spree ran from Oct. 26 through Nov. 1, when it bought 811 BTC at an average price of roughly $80,800 per coin. Strategy funded the purchases by selling shares of its common stock.
It also spent $208 million from its cash holdings to repurchase roughly 2 million STRC shares, which pay investors regular dividends.
Midway through Strategy’s buying run, hackers linked to North Korea began siphoning billions of dollars in crypto from Binance, the industry’s largest centralized exchange.
Read the full story at Fortune