Last week, Bitcoin's largest corporate holder, Strategy, purchased an additional 267 BTC, increasing its holdings to 848,517 digital coins, valued at $69.5 billion at current prices.
According to documents filed on Monday, the software company stated that its expenditure on purchasing new Bitcoin was slightly over $22 million.
This latest purchase has increased Strategy's holdings of the asset slightly more than the previous week’s transaction. In the prior week, the company also spent approximately $22 million to buy 250 BTC. To date, Strategy has spent $73 million on Bitcoin purchases in October.
On Monday morning in New York time, Strategy stock (Nasdaq: MSTR) rose nearly 2% to approximately $139 per share. Over the past month, MSTR has declined by 17%; year-to-date, it has fallen by 11%.
The Monday filing also showed that Strategy repurchased $193.1 million in STRC preferred shares.
Due to market volatility and index adjustments, the STRC preferred shares of Strategy have been trading below their $100 par value, and the company has been repurchasing these shares this year.
Strategy—formerly MicroStrategy—began purchasing Bitcoin in August 2020 as a way to generate better returns for shareholders.
Since then, the company has spent approximately $64 billion on BTC, making it the largest corporate holder of this asset. Investors can gain exposure to this leading cryptocurrency by purchasing its stock, without having to buy Bitcoin themselves.
The company is also currently focused on products that pay returns to investors through its STRF, STRC, STRK, and STRD preferred shares.
However, Strategy may soon face challenges after Morgan Stanley Capital International indicated last week that it would move forward with a proposal aimed at “defining and classifying non-operating companies as ineligible for inclusion in the MSCI Global Investable Market Index.”
If this measure is ultimately implemented, Strategy may be removed from the index, leading institutional investors holding the stock to reduce their positions.