Strategy buys 7,390 BTC for $765M, gets hit with class-action lawsuit
Summary
Strategy, previously known as MicroStrategy, acquired 7,390 BTC for approximately $765 million, averaging just under $103,500 per coin. The company now holds 576,230 BTC valued at over $59.2 billion, reflecting an unrealized gain of $19.2 billion, or 47%. Bitcoin traded around $102,615, up 20.3% over the past month. A class-action lawsuit has been filed against Strategy's executives, alleging violations of the Securities Exchange Act related to misleading statements about the profitability and risks of its Bitcoin investment strategy. Strategy's approach has inspired other companies to adopt similar Bitcoin treasury strategies, including luxury watchmaker Top Win and a Bahrain-based catering company.
