MicroStrategy Buys $101M Worth of Bitcoin as Saylor Returns to Aggressive Accumulation

MicroStrategy purchased 1,550 Bitcoin for approximately $101 million last week, marking a return to its accumulation strategy after a brief selling period, according to the company. The purchase was executed at an average price of $65,300 per Bitcoin and funded through a share-sale program that raised $181 million between June 1 and June 7, with the remaining $80 million deployed to rebuild cash reserves to $1 billion.

The move follows the company's decision last month to cut cash reserves by 61% to repurchase debt. MicroStrategy stock (MSTR) rebounded 6% to $127.20 on the news, while its preferred shares (STRC) jumped 3.69% to $96.80. The rally was also attributed to shareholder approval to shift dividend payments to twice monthly on the 15th and end of month.