tags. Let's write: Strategy, the software company led by Michael Saylor, bought 4,603 Bitcoin for roughly $370 million, ending a two-month pause in its buying. The purchase comes as the firm faces criticism over its heavy bet on the cryptocurrency.
A $370 million buy
The acquisition, disclosed this week, is the company's first in two months. Strategy spent about $370 million on the coins, though it didn't say what price it paid or when exactly the purchase was executed.
End of a pause
Strategy had gone two months without adding to its Bitcoin stash. That changed with this purchase. The company didn't explain why it resumed buying, and it didn't say whether more purchases are planned.
Criticism in the background
The buy lands amid market criticisms of the company's approach. Some investors have questioned the wisdom of tying the firm's fortunes so closely to a volatile asset. Saylor, who leads the company, has long argued that Bitcoin is a superior store of value, but the company's concentrated position has drawn scrutiny.
The purchase ends a two-month dry spell. Whether it marks a return to regular buying is unclear.
Strategy, the software company led by Michael Saylor, bought 4,603 Bitcoin for roughly $370 million, ending a two-month pause in its buying. The purchase comes as the firm faces criticism over its heavy bet on the cryptocurrency.
A $370 million buy
The acquisition, disclosed this week, is the company's first in two months. Strategy spent about $370 million on the coins, though it didn't say what price it paid or when exactly the purchase was executed.
End of a pause
Strategy had gone two months without adding to its Bitcoin stash. That changed with this purchase. The company didn't explain why it resumed buying, and it didn't say whether more purchases are planned.
Criticism in the background
The buy lands amid market criticisms of the company's approach. Some investors have questioned the wisdom of tying the firm's fortunes so closely to a volatile asset. Saylor, who leads the company, has long argued that Bitcoin is a superior store of value, but the company's concentrated position has drawn scrutiny.
The purchase ends a two-month dry spell. Whether it marks a return to regular buying is unclear.
