Strategy disclosed a modest bitcoin buy that appears to have been made before last week’s sharp selloff.
The company, led by Executive Chairman Michael Saylor, said it purchased 1,142 BTC for about $90 million at an average price of $78,815 per coin.
Purchase timing and funding
Based on the average price, the buys likely occurred on Monday or Tuesday, ahead of the rapid decline later in the week that took bitcoin to as low as $60,000 on Thursday.
The acquisitions were funded through the sale of common stock.
Updated holdings
Following the purchase, Strategy’s bitcoin holdings rose to 714,644 BTC.
The company said its total stack was acquired for $54.35 billion, implying an average cost basis of $76,056 per bitcoin.
Market reaction
Bitcoin was trading just under $69,000 on Monday morning, down 2.6% over the prior 24 hours.
Strategy shares were down about 3.9% premarket as bitcoin retreated from its Friday close near $70,000.
