Strategy Adds 250 Bitcoins as Holdings Reach 848,250 BTC

Michael Saylor's Strategy says its bitcoin holdings reached 848,250 after its latest purchase, while holding a cash reserve of $4.88 billion.

Bitcoin holdings reached 848,250 bitcoins after the latest purchase, while holding $4.88 billion in cash reserves, says strategist Michael Siler.

Strategy bought 250 BTC last week for $21.5 million, marking its second consecutive weekly decline in purchases as its Bitcoin holdings reached 848,250 BTC.

The company financed $21 million of the purchases through the sale of its common stock and the remaining $500,000 with cash on hand between Monday and Sunday, according to an announcement on Strategy's website.

Strategy also continued to buy back shares of its STRC preferred stock, spending $192.4 million during the week, up from $176.3 million the previous week.

The company's Nasdaq-traded common stock, MSTR, rose less than 1 percent ahead of the market open on Monday, according to Yahoo Finance. Preferred stock opened at $99.68 per share.

The company said it has a $4.88 billion reserve in the U.S. to support preferred stock dividends and debt payments. Its separate cash dollar balance was $640.5 million as of Sunday.

The purchase followed a Sunday post by founder and chief executive Michael Siler, who signaled another purchase of bitcoin with the message: "There's always room for more orange." Strategy typically reports its bitcoin purchases in filings with the U.S. Securities and Exchange Commission, which is closed Monday for the Columbus Day holiday.

Accumulation of Bitcoin Strategy has slowed down in recent months. Its holdings rose just 0.2 percent.In the third quarter, the company bought 7,218 bitcoins while selling 5,553 bitcoins.