Bitcoin giant Strategy, unfazed by Binance hack, adds over $65 million BTC to its holdings

Bitcoin behemoth Strategy, owned by billionaire Michael Saylor, is positioning the recent market turmoil following the substantial Binance hack as a chance to expand its cryptocurrency portfolio. The company disclosed on Monday that it had made a substantial Bitcoin acquisition of over $65 million over the past week, its largest purchase since late September.

During the buying spree from October 26 to November 1, Strategy acquired 811 BTC at an average price of approximately $80,800 per coin. To fund the purchases, the company sold shares of its common stock and utilized $208 million from its cash reserves to repurchase around 2 million STRC shares, which provide investors with regular dividends.

Around the midpoint of Strategy's buying campaign, hackers associated with North Korea initiated the transfer of billions of dollars' worth of cryptocurrency from Binance, the world's largest centralized exchange. The illicit activity occurred within approximately 20 minutes of the news breaking, according to crypto intelligence firm TRM Labs.

As the news of the breach circulated on social media, Bitcoin plummeted to a low of $76,600. Notably, a day prior to Strategy's announcement, executive chairman Saylor, a vocal advocate of Bitcoin, suggested that the company had increased its holdings amid the price decline. "We found room for even more orange," he tweeted early on Sunday, accompanied by a chart illustrating Strategy's purchases relative to Bitcoin's price.

Strategy's purchases coincided with heightened apprehensions regarding crypto security, despite the company's disclosure not specifying if the purchases were made during the price drop. The hack, nearly four times the size of the 2025 Bybit breach—the previous record holder—was executed by TraderTraitor, an elite North Korean hacking unit, according to TRM Labs.

This incident came following a series of North Korean crypto heists aimed at funding the regime's weapons programs. The unprecedented scale of the hack tested the industry's ongoing efforts to overcome its history of security breaches and failures. While Binance swiftly responded by publicly committing to cover customer losses, social media users expressed skepticism about the security of the broader sector, questioning whether a hack of Binance could undermine trust in the entire industry.