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

Strategy, the Bitcoin-holding company led by executive chairman Michael Saylor, announced Monday it purchased 811 BTC for over $65 million between Oct. 26 and Nov. 1, its largest weekly buy since late September, at an average price of roughly $80,800 per coin. The purchases, funded through common stock sales, coincided with a major security breach at Binance, where hackers linked to North Korea drained roughly $6.3 billion in crypto—much of it moved in about 20 minutes, according to TRM Labs—sending Bitcoin to a low of $76,600 on Thursday. Separately, Strategy spent $208 million in cash to repurchase about 2 million shares of STRC, its dividend-paying preferred stock. Saylor signaled the accumulation ahead of the announcement, posting Sunday that the company "found room for even more orange" as prices fell. The buy signals continued conviction from the largest corporate Bitcoin holder despite market turmoil, though the company did not disclose whether it bought during the dip. Investors will watch whether Strategy sustains its buying pace and how Bitcoin prices respond to ongoing fallout from the Binance hack.