Strategy Spent Another $27 Million on Bitcoin Before It Crashed

Core Insights - Strategy, the largest corporate holder of Bitcoin, purchased $27 million worth of Bitcoin last week before a price drop, acquiring 220 Bitcoin at an average price of $123,500, which was close to its all-time high [1][2] - The recent purchase raised Strategy's average Bitcoin cost above $74,000, with the firm now owning 640,250 Bitcoin valued at approximately $73 billion [2] - The latest Bitcoin acquisition was funded through the sale of preferred shares, with smaller purchases noted when proceeds were raised solely from selling preferred shares compared to common shares [3][4] Financial Performance - Strategy's Bitcoin purchases this year have varied significantly, with some weeks costing as much as $2.46 billion [2] - The firm's stock price was around $304.78, experiencing a 15% decline over the past five trading days [5] Market Context - Bitcoin's price fluctuated between $126,000 and $110,000 last week, with a current price around $115,000, reflecting an 8% decrease over the past week [4] - The cryptocurrency market is seeing increased interest in Bitcoin treasury firms, although competition is growing [6]