Strategy buys another $22 million of Bitcoin, increases planned share buybacks

Strategy, a digital asset treasury giant, added over $22 million worth of Bitcoin to its holdings last week, following a dip in the cryptocurrency's price. The latest acquisition, which brought the company's Bitcoin stash to 267 coins, is worth around $64 billion. In addition to the Bitcoin purchase, Strategy spent approximately $193 million to buy back shares of STRC, a preferred stock that offers regular dividends.

The company's board also approved an extra $1 billion for preferred-share buybacks, increasing its authorization to $3 billion. This Bitcoin purchase is the sixth by Strategy since August, as the company remains committed to expanding its holdings despite recent fluctuations in the market. The latest purchase comes amidst volatile swings in Bitcoin's price, which have recently threatened to erase gains made over the past two months.

In August, Bitcoin climbed from around $63,000 to $77,000, reaching a peak of nearly $86,000 by late September. However, over the past week, tensions such as rising oil prices and changes in US-Russia relations have caused Bitcoin's price to fluctuate significantly. The Nasdaq also experienced a drop of more than 2% on Friday, but recovered most of those losses by Monday morning.

Despite these market swings, Strategy's latest Bitcoin purchase demonstrates the company's continued dedication to building its holdings, following its executive chairman Michael Saylor's preference for maintaining Bitcoin in its portfolio.