Strategy Shrugs Off Lawsuit, Buys Another Half Billion in Bitcoin

Bitcoin treasury company Strategy on Monday announced another crypto buy, bringing its total holdings to over 580,250 BTC—worth $63.7 billion at today's prices. 

Strategy—formerly MicroStrategy—said it bought 4,020 BTC last week for an average price of $106,237 per digital coin. That's nearly another half billion worth, as the price of Bitcoin now hovers around $110,000.

The Tysons, Virginia-based software company is the largest corporate holder of the cryptocurrency, and now focuses on buying the asset—at its highs and lows—so that investors can get exposure to Bitcoin via its Nasdaq-listed shares. 

Still, Strategy's most recent buy was smaller than recent transactions: the company spent $764.9 million and $1.34 billion in other weekly purchases earlier this month. 

Strategy stock (NASDAQ: MSTR) is right now trading at $369.51—nearly 8% lower than its Friday price. 

The company was last week hit with a lawsuit from an investor who alleged its executives made false and misleading statements about the profitability of its BTC-buying masterplan. Strategy stock took a hit after news of the lawsuit dropped. 

Over the long term, however, MSTR has rocketed since it started buying the leading cryptocurrency in 2020: It was trading for under $15 a pop back then and is up more than 2,400%. 

Other companies are now following its lead—albeit smaller ones—by snapping up Bitcoin as a way to get shareholders better value for money. Healthcare company Cosmos Health (NASDAQ: COSM) and auto firm Worksport (NASDAQ: WKSP) last year both announced plans to buy crypto with spare cash, and energy storage company KULR Technology Group (NASDAQ: KURL) has been fast-acquiring BTC. 

Bitcoin was recently trading for $109,826, up more than 2% over a 24-hour period, according to CoinGecko data. 

Just in April, the digital asset dropped below $75,000 when President Trump rattled markets with his trade war rhetoric but has since recovered and touched new highs.