Bitcoin treasury company Strategy accumulated cash for a third straight week, attempting to strengthen its balance sheet as its flagship preferred share faced record volatility and tumbled to new lows.
The Tysons Corner, Virginia-based firm shored up its so-called USD reserve with $300 million, lifting it to $1.4 billion, according to a press release
The funds were completely derived from issuing common stock, yielding $335 million for the Bitcoin-buying firm. Meanwhile, the company purchased 520 BTC for $35 million. The purchase represented the firm’s smallest since it sold 32 BTC three weeks ago, a liquidation that preceded the company’s worst weekly performance since November 2022.
With Bitcoin trading at around $65,000, a 1.5% increase over the past day, Strategy’s stockpile stood at $55 billion. The firm owned 847,363 BTC, showing a loss of roughly $9 billion on paper. Strategy and STRC Strategy’s latest move centered around Stretch (STRC).