Bitcoin rose 4.9% to $85,561.6 on Tuesday after Strategy disclosed it had bought 950 more Bitcoin, lifting its total holdings to 846,000 coins. The purchase follows a three-week pause and comes as Strategy's balance sheet swung from $10 billion in unrealized losses to $8 billion in unrealized gains.
Bitcoin traded at $85,561.6 by 01:52 ET, up 4.9% on the day and building on a rally that took the token to a near eight-month high on Monday. The move came after disappointment over the failure of the CLARITY Act was offset by the SEC and the CFTC introducing their own crypto regulation, while falling oil prices and Treasury yields added to a broader risk-on tone across markets.
Strategy ends its buying pause
Strategy disclosed it bought back 950 Bitcoin for $75.7 million between September 14 and September 20, its first purchase since late August. The buy brought the company's total holdings to 846,000 Bitcoin, the highest level since late June but still below its record of 847,363 coins. Strategy has spent a combined $63.8 billion building the position over time, funded through a mix of debt and equity issuances.
The company also repurchased 1.77 million shares of its STRC preferred stock for $174.0 million in the same period, part of a steady effort to lower its dividend obligations on the equity. Meanwhile, its unrealized losses of $10 billion just weeks ago have turned into $8 billion in unrealized gains as Bitcoin's price climbed.
ETF flows shift toward Fidelity
The rally has also reshaped ETF flows: Fidelity's FBTC overtook BlackRock's IBIT, a reversal from two weeks earlier when IBIT was leading by nearly six times. On September 18, FBTC pulled in $306 million, almost three times what IBIT got, the same day Bitcoin climbed toward $81,000.
Sources: Investing.com, AMBCrypto
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