Bitcoin giant Strategy, unfazed by Binance hack, adds over $65 million BTC to its holdings

Strategy, the publicly traded Bitcoin-holding company owned by billionaire Michael Saylor, is treating the market turmoil around last week’s massive Binance hack as a shopping opportunity. On Monday, Strategy announced that it had bought over $65 million worth of Bitcoin over the past week, its largest purchase since late September.

The company’s latest Bitcoin shopping spree ran from Oct. 26 through Nov. 1, when it bought 811 BTC at an average price of roughly $80,800 per coin. Strategy funded the purchases by selling shares of its common stock. It also spent $208 million from its cash holdings to repurchase roughly 2 million STRC shares, which pay investors regular dividends.

Midway through Strategy’s buying run, hackers linked to North Korea began siphoning billions of dollars in crypto from Binance, the industry’s largest centralized exchange. They moved most of the roughly $6.3 billion in about 20 minutes, according to crypto intelligence firm TRM Labs. As news of the breach spread across social media Thursday, Bitcoin slid to a low of $76,600.

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