Crypto World
South Africa crypto firms pause R2.2 billion in deals over exchange controls
South African crypto companies have put at least R2.2 billion in deals on hold as proposed exchange control rules threaten to restrict how digital assets can be used for cross border transactions, according to people familiar with the matter.
Summary
- South African crypto firms have paused at least R2.2 billion in deals over proposed exchange control rules.
- The changes would bring crypto assets under the country’s capital flow regime and tighten oversight of cross border transfers.
- Industry participants warn the rules could push legitimate crypto activity offshore and potentially trigger legal challenges.
People familiar with the transactions said at least 3 deals have been paused directly because of the proposed regulatory changes. They include an investment from a private equity firm and transactions intended to support capital formation for small businesses and corporate treasury management.
Industry participants have warned that the proposed framework could push some legitimate digital asset activity offshore or into informal channels. Some executives are considering legal action if the rules are adopted without significant changes, the people said.
South Africa crypto rules have stalled R2.2 billion in deals
South Africa is the second largest crypto asset market in Africa, where stablecoins are increasingly used by companies moving funds between regional operations.
Businesses have used stablecoins to repatriate profits and receive dividends from subsidiaries in African markets where access to hard currencies can be limited. Tether’s USDT has become the preferred stablecoin for such activity in South Africa.
Onchain USDT transactions across 3 of the country’s largest licensed crypto exchanges approached R27 billion in the year through April, according to central bank data. The figure shows the scale of stablecoin activity already passing through regulated domestic platforms.
South Africa does not recognize crypto assets as legal tender. The South African Reserve Bank has previously identified digital assets as an emerging financial stability risk and has been monitoring activity as stablecoin use expands internationally.
Regulators are now seeking to bring crypto assets within a capital flow system built around the Currency and Exchanges Act, legislation that dates back roughly 9 decades.
The National Treasury first published its proposed framework in April as part of an overhaul of the country’s capital flow management regime. As crypto.news previously reported, the draft would formally classify crypto assets as capital under South Africa’s foreign exchange rules and extend declaration, approval and enforcement powers to digital asset transactions.
Officials said the framework is intended to improve oversight of cross border transactions, reduce opportunities for regulatory arbitrage and address illicit financial flows.
Cross border crypto transfers face tighter controls
More detailed rules released in August set out how digital asset transfers would operate under the proposed system.
Under the cross border crypto rules, transfers would generally need to pass through authorized providers and be reported to the South African Reserve Bank. Transactions involving offshore crypto providers or private wallets would fall within the regulated cross border category.
Individuals moving crypto outside South Africa would remain subject to the country’s existing foreign currency allowances. The annual single discretionary allowance permits transfers of up to R1 million without tax clearance, while the foreign capital allowance permits up to R10 million subject to tax compliance requirements.
Authorized crypto asset service providers would be required to collect information on cross border transfers, including the identities of the sender and recipient, the assets involved, transaction values and destination wallet details.
The National Treasury and South African Reserve Bank said in a joint statement that the detailed manual released last month does not yet incorporate feedback submitted during the earlier consultation.
Officials attributed that gap to the timing of the release and the volume of comments received after the government invited interested parties to respond to the April proposals.
Some digital asset executives have objected to the process, arguing that the current draft does not adequately account for industry submissions. People familiar with their concerns said executives view parts of the framework as unfavorable to technology being used to reduce transaction costs.
If the regulations proceed in their current form, companies believe they could affect billions of rand in tax revenue generated by the sector and potentially lead to legal challenges, according to the people.
Stablecoins remain part of South Africa’s regulatory focus
Stablecoin activity has become a particular area of attention as regulators assess how dollar linked tokens interact with domestic currency and capital controls.
An International Monetary Fund assessment published in August found that dollar stablecoins had gained only limited traction in South Africa, while rand denominated alternatives had attracted even less demand. The IMF cautioned that it was still too early to determine whether the pattern would persist. Dollar stablecoin adoption remains dominant globally, with nearly 99% of stablecoins denominated in U.S. dollars.
South Africa’s treatment of digital assets extends beyond capital controls. The South African Revenue Service published draft guidance in July explaining how existing tax rules apply to crypto transactions rather than proposing a separate tax regime.
Under the draft crypto tax guidance, SARS maintained that crypto assets are not currency for tax purposes. Buying, selling, swapping, spending, mining, staking or receiving digital assets can create tax consequences under existing income and capital gains rules, depending on the nature of the activity.
South Africa has separately begun implementing the OECD’s Crypto Asset Reporting Framework. Its first CARF reporting period runs from March 1, 2026, through Feb. 28, 2027, with crypto service providers required to collect information that will support automatic exchanges of tax data between participating jurisdictions.
The government has yet to finalize the proposed capital flow rules after receiving industry comments, leaving the detailed framework subject to further consideration by the National Treasury and South African Reserve Bank.
Crypto World
Ripple Price Analysis: XRP Approaches a Critical Breakout Level After 8% Daily Surge
Ripple’s XRP is approaching a technically important inflection point after rebounding sharply from its recent lows. The recovery has brought the price back to the upper boundary of its declining structure, where a confirmed breakout could shift short-term momentum further in favor of buyers.
Ripple Price Analysis: The Daily Chart
On the daily timeframe, XRP continues to recover from the sharp August rally and subsequent consolidation. The asset is currently trading around $1.48, comfortably above the major moving averages shown on the chart.
The recent correction found support near the 200-day moving average around $1.27-$1.28. Buyers responded aggressively from this region, preventing a deeper retracement and pushing XRP back toward the upper portion of its recent range.
However, the major overhead supply zone remains considerably higher at $1.61-$1.70. This area marks the principal resistance that buyers would ultimately need to reclaim before a broader bullish continuation becomes more convincing.
For now, holding above the $1.27-$1.30 region keeps the larger recovery structure intact. A renewed rejection and breakdown below this support would weaken the setup and could expose the lower moving average near $1.18, while the major demand zone around $0.93-$0.97 remains the deeper structural support.
XRP/USDT 4-Hour Chart
The 4-hour timeframe highlights the immediate decision point more clearly. XRP has been trading within a descending channel, but the latest rebound from the $1.22-$1.28 demand zone has driven the price all the way back toward the channel’s upper boundary around $1.43-$1.45.
Importantly, the recovery also reclaimed the $1.33-$1.36 zone, which had previously acted as a key short-term barrier. As long as the asset remains above this region, buyers retain control of the latest recovery leg.
The next challenge is a confirmed breakout above the descending trendline. A sustained move beyond roughly $1.45 would invalidate the immediate bearish channel structure and could allow XRP to target the $1.51-$1.55 resistance zone. Beyond that, the larger $1.61-$1.65 supply region would become the next major objective.
On the other hand, another rejection from the descending trendline would indicate that the corrective structure remains active. In that scenario, the reclaimed $1.33-$1.36 zone would be the first key support to watch. Losing it could shift attention back toward the major $1.22-$1.28 demand area, where the latest recovery originated.
The post Ripple Price Analysis: XRP Approaches a Critical Breakout Level After 8% Daily Surge appeared first on CryptoPotato.
Crypto World
Bitcoin’s (BTC) 44% gain in third quarter teases full-blown crypto bull run: Crypto Daily
As the end of the third quarter nears, bitcoin is standing tall some 44% higher, its best performance since the final three months of 2024.
Gold is up 8.7% while the S&P 500 has added just 2%. Meanwhile, Wall Street’s tech-heavy index, Nasdaq, has gained just 2%, according to data source TradingView.
This marks a complete change from early this year when bitcoin was the underperformer and stocks, gripped by the AI fervour, were on a tear.
The good news for BTC bulls doesn’t end there. The cryptocurrency is also outperforming names like NVDA, one of the world’s biggest companies, up 11%.
And yet, bitcoin doesn’t necessarily look expensive based purely on where it trades relative to its record price. Despite the solid rally, prices are still down 48% from the record price of $126,000 in October last year.
Other tokens have also chalked up impressive gains. ETH, XRP, SOL, UNI and NEAR have registered gains between 40%-150%.
The initial rise was mainly driven by oversold conditions that attracted bargain hunters and a short squeeze that pushed prices higher. But recently, a regulatory tailwind has kicked in.
Crypto World
Is the M&A Boom Real? BCG Says Yes at the Top, Not Below $1 Billion
Global mergers and acquisitions (M&A) value ran 11% above its 10-year average in the first eight months of 2026, according to Boston Consulting Group (BCG).
The gains sit almost entirely at the top of the market. Deal volumes below $1 billion remain under longer-term norms.
Megadeals Clear a Record Set in 2021
Aggregate deal value rose 15% year over year through August, BCG said. Deal value reached $2.09 trillion between January and August, up from $1.82 trillion a year earlier.
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Transactions worth $10 billion or more climbed to 37, up from 24 a year earlier. That count cleared the 32 megadeals announced over the same period in 2021.
Total deal value has not caught up, however. The 2021 figure reached $2.91 trillion across those eight months, leaving 2026 about 28% lower despite the higher megadeal count.
Meanwhile, 27 of this year’s megadeals involved a US buyer, a US target, or both. Deals between $250 million and $1 billion stayed below average. Transactions under $250 million did too, and those counts exclude inflation.
“Deal volumes in these segments remain below their longer-term averages, indicating that the global M&A market has not yet regained normal levels of breadth,” the report read.
The split matches what consulting firm PwC flagged in June, when it projected global M&A deal value would approach $4 trillion this year while deal counts fell 13%.
Region and sector tell the same story of concentration. North America accounted for more than half of the aggregate deal value. European value rose 43% to $541 billion, while Asia-Pacific activity fell 27%.
BCG global M&A leader Jens Kengelbach pointed to execution, rather than funding, as the current constraint.
“Capital and strategic appetite are available. The bottleneck has shifted to execution: finding transaction-ready assets, bridging valuation gaps, and clearing the operational and regulatory hurdles required to close,” he said.
AI Pushes Some Deals Forward and Freezes Others
The report also examined how artificial intelligence (AI) is shaping the M&A market. Daniel Friedman, BCG’s global leader of transactions and integrations, said AI works on the market in two directions at once.
“It’s a reason to do more deals and a reason some deals are harder to close. The companies that get furthest ahead are likely to be the ones that have actually worked out which is true for the asset in front of them,” he stated.
BCG cites a software valuation correction and a private equity pullback as evidence of the second effect. Its M&A Sentiment Index, which blends market fundamentals with AI-based analysis of corporate communications, rose to 83 from 79 at the start of the year, still well under the long-run average of 100.
Sector readings diverged sharply. Financial institutions and real estate scored 108, and health care reached 100, while technology came in lowest at 52 and consumer at 64.
Crypto dealmaking has taken the same shape. Disclosed crypto M&A deal value set a record $9.66 billion in the first half of 2026, even as announced deals fell 25% to 87.
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The post Is the M&A Boom Real? BCG Says Yes at the Top, Not Below $1 Billion appeared first on BeInCrypto.
Crypto World
Sota Watanabe Says October Will Be Great: Bitcoin Bulls Stack $100,000 Bets
Bitcoin has to climb nearly 20% in four days for the biggest bets on the options market boards to pay off. Traders stacked them anyway.
Roughly $16.07 billion in Bitcoin (BTC) options expire Friday. The heaviest bullish positions sit at $90,000 and $100,000. Bitcoin trades near $81,292.
The Money Sits Well Above the Price
A call pays out when the price rises past a set level. A put pays out when it falls. Friday’s expiry holds 121,676 calls against 68,333 puts, Deribit data shows. That works out to a put/call ratio of 0.56. Close to two bullish contracts for every bearish one.
The single biggest call cluster sits at $85,000, about 5% above the current Bitcoin price. Stacks at $90,000 and $100,000 follow. A few reach $125,000, which would take a 54% rally.
The largest put cluster sits at $70,000, a level Bitcoin cleared last week.
Every Call Has a Seller on the Other Side
Here is what the chart does not show. Open interest counts contracts still alive. It says nothing about who is winning. Somebody bought each of those calls. Somebody sold them.
Max pain for Friday sits at $73,000. That is the price at which the largest number of contracts would expire worthless. Bitcoin sits 10% above it.
BeInCrypto reported Monday that Bitcoin hit an eight-month high after $262 million in short liquidations.
Watanabe Says October, MEXC Says Wait
Sota Watanabe founded Astar Network and runs Startale Group, the firm building Sony’s Soneium blockchain. In his opinion, October is poised to be a good month.
Vugar Usi Zade, chief executive of the exchange MEXC, is less sure. Bitcoin shrugged off a Federal Reserve rate hike and the collapse of the CLARITY Act, a US bill that would have set crypto market rules, he said.
Spot Bitcoin funds took in $593 million across Thursday and Friday. Strategy (MSTR) stock rose 17% on the week.
For the fourth quarter of 2026, the market needs multiple episodes to consider a trend reversal.
He named oil market tensions as the likeliest trigger to flip sentiment. ETF flows this week will show who blinks.
Friday settles the bets.
The post Sota Watanabe Says October Will Be Great: Bitcoin Bulls Stack $100,000 Bets appeared first on BeInCrypto.
Crypto World
Kyle Samani Predicts SOL Flippening, Claims ‘No One’ Uses ETH
Multicoin Capital co-founder Kyle Samani predicts more crypto companies will choose to build on Solana over Ethereum due to its ease of use and greater functionality.
Solana will flip Ether during “this market cycle,” Samani told Cointelegraph during an episode of Trade Secrets, predicting that Ethereum may gradually lose its edge as the default smart contract network choice for crypto companies.
“They’ll all switch their default over to Solana because it’s the most functional network for all of them and it’s just easier to consolidate their operations around Solana to the extent that they can.”
Samani and Multicoin amassed a sizable early position in Solana and he has been one of its strongest proponents for years. His prediction would require a five-fold increase in SOL’s $58 billion market capitalization to surpass Ether’s current market cap of $293 billion.
Samani argued that “today, no one really uses Ethereum” and that it only remains a leading blockchain network due to stablecoins, and stablecoins borrowed against Ether as collateral.
SOL and ETH have largely been moving in lockstep in percentage terms during the recent upturn in markets. During the past month, Ether rose 30%, while SOL rose 34%. However, Solana’s rise comes off a smaller base and the token saw a larger decline in the bear market, falling 59% during the past year, in comparison to Ether’s 45% decline, according to TradingView.

ETH/USD, 1-year chart. Source: Cointelegraph/TradingView
Did Samani ragequit crypto?
In February, Samani said he was stepping down as managing partner of the crypto investment firm Multicoin Capital after 10 years in the industry, in what he called a “bittersweet moment”.
At the time Samani seemed dispirited about the state of the industry. He reportedly quickly deleted an X post, in which he stated: “I once believed in the web3 vision. dapps. I don’t anymore…Crypto is just fundamentally not as interesting as many crypto enthusiasts wanted. Myself included.”
If it was a crisis of confidence, it was only fleeting. In September, Samani joined the US board of directors at crypto trading platform Backpack.

Source: Evanss6
Ethereum has ‘questionable’ value accrual
Samani said he is “bearish” on Ethereum’s ability to accrue value despite being the largest smart contract network.
“It’s a $400 billion to $300 billion asset that has questionable value accrual, if any, and it’s not growing at all.”
Samani added that he doesn’t understand why investors would want to own Ether at the current valuation, adding that he sees plenty of other investment opportunities at “more reasonable prices.”
He argued that more crypto companies will be pivoting to Solana, which he called “the most functional network” that makes it easier for firms seeking to consolidate operations.
While SOL accounts for less than one-fifth of Ether’s market capitalization, it has surpassed the Ethereum network in both weekly and monthly fees.

Top blockchain networks by 30-day fees. Source: DefiLlama
Solana generated $23 million in fees over the past 30 days and ranked fourth in monthly fees. Ethereum generated $12.6 million and ranked in sixth place, according to DefiLlama.
Related: Solana sees record 263K tokens issued in a single day
Solana became one of Multicoin Capital’s top bets
Samani first discovered permissionless finance and smart contracts through Ethereum in 2016 and has said it was his “entry into crypto.” However, he later lost faith in Ethereum after becoming dissatisfied with how Ethereum developers addressed scaling.
He came across Solana shortly after founding Multicoin in May 2017, and the firm went on to lead some of Solana’s earliest investment rounds in 2018.
It turned out to be one of the best ever bets for Multicoin, which reported managing $5.9 billion worth of assets in May 2025, making it one of the most prominent crypto investment firms.
Before joining the crypto industry, Samani co-founded and served as the CEO of healthcare IT company Pristine, which built software for Google Glass used by surgeons.
Magazine: Token buybacks are booming. But are they good for crypto projects?
Cointelegraph publishes long-form journalism, analysis and narrative reporting produced by Cointelegraph’s in-house editorial team with subject-matter expertise. All articles are edited and reviewed by Cointelegraph editors in line with our editorial standards. Some articles contain affiliate links, from which Cointelegraph may earn a commission. These relationships do not influence which products we review or our editorial conclusions. Content published in here does not constitute financial, legal or investment advice. Readers should conduct their own research and consult qualified professionals where appropriate. Cointelegraph maintains full editorial independence.
Crypto World
Treasury Secretary amplifies bullish economic data as the 10-year yield hits 5%
Treasury Secretary Scott Bessent leant on stablecoin adoption and dollar-denominated trade metrics to defend the strength of the U.S. economy, seeking to counter anxiety over surging government debt yields and shifting international payment rails.
Bessent pushed back against a recent report by the New York Times which outlined structural risks in the country’s financial position. He highlighted data amplified by conservative commentator Lawrence Kudlow, to emphasize the greenback’s enduring global dominance in a post on X, noting that the U.S. dollar remains on one side of 89.2% of FX transactions, while the overwhelming majority of stablecoins are pegged to USD.
Bessent also highlighted record median household income, a historically low official poverty rate, continued employment growth and the Atlanta Fed’s 5.1% annualised estimate for third-quarter GDP.
The pushback from Bessent comes at a time where U.S. Treasury yields reach multiyear highs, with the 10-year yield hitting 5%. The Treasury has been repurchasing longer term bonds, leading critics to accuse Bessent of attempting to suppress yields. Bessent rejects that interpretation, maintaining that the buybacks are intended to improve liquidity and manage the maturity structure, rather than control a Treasury market worth more than $30 trillion.
Bessent also cited Saudi Arabia’s departure from mBridge, the China-backed cross-border digital currency platform, according to the Financial Times, as supportive of dollar dominance. However, Saudi Arabia said its involvement ended after completing a planned proof of concept in May 2025. The platform continues to expand elsewhere, making the withdrawal a symbolic victory for Washington rather than evidence that the broader project is collapsing.
Crypto World
Strategy Buys 950 Bitcoin for $75.7M After Two-Week Pause
Michael Saylor’s Strategy resumed buying Bitcoin after a two-week pause while continuing to repurchase its STRC preferred stock.
Strategy acquired 950 Bitcoin (BTC) for $75.7 million at an average price of $79,670 per coin between Monday and Sunday, according to a Form 8-K filing with the US Securities and Exchange Commission on Monday.
The purchase brought Strategy’s holdings to 846,000 BTC, acquired for about $63.8 billion at an average cost of $75,416 per Bitcoin, including fees and expenses. With Bitcoin trading at $84,925 at the time of publication, Strategy was sitting on an unrealized gain of about $8.05 billion on its holdings.
The purchase comes as Strategy balances its Bitcoin accumulation strategy with managing a growing collection of preferred securities and billions of dollars in cash reserves.
Shares of Strategy, the largest publicly traded Bitcoin treasury company in the world, rose 7.4% to $165.2 in pre-market trading on Monday, according to Yahoo Finance data. Strive, the world’s fifth-largest corporate Bitcoin holder, also announced Bitcoin buys on Monday. It added 1,355 BTC last week, bringing its total to 26,355 coins. Its shares rose 6.44% to $32.03.
Strategy spends $174 million buying back STRC
Strategy continued buying back its perpetual preferred stock, STRC, repurchasing about 1.77 million shares for $174 million during the same week.
STRC rose 0.35% to $98.85 during Monday’s pre-market trading.
Strategy said it still had $875.1 million available under its preferred-stock repurchase program and $1 billion remaining under its MSTR share repurchase program.
Related: REX launches 2x leveraged ETF tied to Bitcoin treasury firm Strive
The company also reported no sales under its at-the-market offering programs between Sept. 14 and Sept. 20, meaning it did not raise funds through those programs during the period.
Strategy’s deployable cash drops
Strategy’s ”USD Cash“ balance fell nearly 20% to $1.05 billion from $1.30 billion a week earlier, when the company reported its previous cash balance.
Its separate ”USD Reserve“ declined to $5.04 billion from $5.10 billion as Strategy used $57.4 million to pay preferred-stock dividends and interest on outstanding debt.
Strategy uses USD Cash for broader treasury purposes, including Bitcoin purchases and capital management, while its USD Reserve is intended primarily to support preferred-stock dividends and debt interest.
Magazine: Bitcoin treasury firms can outperform BTC… but is the risk worth taking?
Crypto World
Ethereum news: Bitmine (BMNR) adds bought $75M ETH as Tom Lee says institutions are underweight crypto
Bitmine Immersion Technologies ·, the largest Ethereum treasury firm, bought another 27,562 ether last week, maintaining its steady buying as Chairman Tom Lee argued institutional investors remain underexposed to crypto.
The purchase was worth about $75.2 million at Monday’s ether price of $2,727, lifting Bitmine’s holdings to 5,983,940 ETH. That’s about 4.9% of the token’s 122.1 million supply, keeping the company close to its goal of owning 5%.
The firm has been buying at a similar pace in recent weeks and, at that rate, could reach its accumulation goal in the next couple of months. The company said it bought ether every week since June 2025, when it pivoted to a crypto treasury strategy.
Bitmine has staked about 5 million ETH, roughly 85% of its holdings, and projected a staking revenue of roughly $357 million annually at current yields.
Bitmine shares were 5.8% higher pre-market, extending Friday’s 8% rally as ETH surged overnight to a fresh high since late January.
Tom Lee sees year-end catch-up for crypto
Tom Lee, meanwhile, said institutional investors may be playing catch-up after favoring artificial intelligence-linked stocks earlier in the year.
Crypto World
MicroStrategy Ends Two-Week Pause With 950 Bitcoin: Is the Buying Engine Stalling?
Strategy, formerly MicroStrategy, added 950 Bitcoin (BTC) in the week to September 20 and repurchased $174 million of its own preferred stock over the same stretch. Total holdings now sit at 846,000 BTC.
The buy ends a two-week gap in accumulation. At the $81,200 bitcoin price Strategy used in Monday’s filing, the 950 coins are worth roughly $77 million.
How the MicroStrategy Bitcoin Purchase Compares With August
The company’s previous acquisition landed on August 31, when it ended a 10-week pause with 4,603 BTC bought for $369.7 million at an average of $80,318 a coin. In dollar terms, last week’s purchase is about 79% smaller.
Executive Chairman Michael Saylor teased the buy on Sunday with a post reading “A little more orange.”
Bitcoin has since climbed above the level Strategy used in its own math. The asset traded near $85,020 on Monday, up almost 6% over 24 hours.
Why the Preferred Buyback Cost More Than the Bitcoin
The $174 million went to Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), a Nasdaq-listed share class Strategy designed to trade close to $100. That is more than twice what the bitcoin cost.
Strategy started buying STRC back in late July at an average of $86.52 a share. The stock closed at $98.51 on Friday. Chief Executive Phong Le explained the logic when the program began.
“At prices below $100 per share, STRC repurchases represent an attractive allocation of capital because they can reduce future preferred dividend requirements at a discount.”
Those repurchases are funded by common share sales and potential bitcoin sales rather than the company’s dollar pile, which stood at $6.09 billion on Sept. 20. The structure came out of the Digital Credit Capital Framework Strategy set out in June.
BeInCrypto flagged STRC moving back toward par in August as one of the conditions that would let bitcoin buying restart. It did restart, at a fraction of the earlier pace.
MSTR common stock trades at 0.88 times the value of the bitcoin behind it, according to BitcoinTreasuries. Next Monday’s filing will show whether 950 coins was a floor or a new run rate.
A Smaller Rival Bought More Bitcoin the Same Week
Strive, a Bitcoin treasury company a fraction of Strategy’s size, outbought it over the same stretch. It acquired 1,355 BTC between September 14 and September 18 at an average of $79,475 a coin. That took its holdings to 26,355 BTC, roughly 3% of Strategy’s pile.
Chief Executive Matt Cole put the cost at $107.7 million.
He said warrant exercises began last week and brought in $21.2 million in gross proceeds. Cole added that 57.7% of Strive’s total capital raised has come from SATA, its variable rate perpetual preferred shares, a structure close to Strategy’s STRC. Strive reported a $292 million paper loss on its bitcoin in August.
The post MicroStrategy Ends Two-Week Pause With 950 Bitcoin: Is the Buying Engine Stalling? appeared first on BeInCrypto.
Crypto World
Strategy resumes bitcoin purchases as BTC rallies back to $84,500
Strategy · made its first bitcoin purchase since late August, acquiring 950 BTC for $75.7 million last week at an average price of $79,670 per coin.
The purchase was funded through the USD reserve, according to a Monday morning regulatory filing. Strategy used $174 million of USD cash to fund repurchases of STRC and $75.7 million of USD cash to buy bitcoin. In addition, the company used $57.4 million of the USD reserve to fund the payment of dividends on its preferred stock. The USD reserve now sits at $5 billion and the USD cash sits at $1 billion.
Led by Executive Chairman Michael Saylor, Strategy now holds 846,000 BTC, acquired for a total of $63.81 billion at an average price of $74,417 per coin.
MSTR shares rose 7% in pre-market trading as bitcoin climbed to $84,500, gaining 4.5% over the past 24 hours.
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