Cryptocurrency treasury firm Strategy (NASDAQ: $MSTR) has resumed its Bitcoin (CRYPTO: $BTC) purchases following a recent sale that spooked investors.
The company led by Executive Chairman Michael Saylor purchased 1,550 Bitcoin for approximately $101 million U.S. over the past week
The latest purchases increase Strategy’s total holdings of BTC to 845,256. The company owns more Bitcoin than any other firm in the world. More From Cryptoprowl: The new purchases are likely to soothe investors who were upset after Strategy sold 32 Bitcoin on June 1 for proceeds of $2.5 million U.S., its first sale of BTC in four years.
That sale is being blamed for sparking a 15% decline in Bitcoin’s price over the past week, with the cryptocurrency briefly falling below $60,000 U.S. on June 5, its lowest level in two years. In early trading on June 8, BTC is trading just above $62,000 U.S., having risen 2% over the weekend. Strategy has also disclosed that it increased its U.S. dollar reserves by $100 million U.S., bringing its total cash reserves to $1 billion U.S.