The post Strategy Spent Another $27 Million on Bitcoin Before It Crashed appeared on BitcoinEthereumNews.com. In brief Strategy raised $27 million by issuing preferred shares. The firm bought Bitcoin at an average price of $123,500 last week. Bitcoin still hasn’t recovered fully from last week’s crash. Strategy, the world’s largest corporate holder of Bitcoin, said that it spent $27 million on the asset last week, but it appears that the firm did so before the leading cryptocurrency’s price plunged on Friday. Although Bitcoin’s price ranged between $126,000 and $110,000 last week, Strategy said that it purchased 220 Bitcoin at an average price of $123,500, a figure that aligns more closely with Bitcoin’s all-time high mark a week ago than the dip that followed, according to a press release. Strategy’s latest Bitcoin purchase was its third-smallest this year, but it still lifted the average cost of Bitcoin in its stockpile above the $74,000 mark. At other points this year, Strategy has unveiled weekly Bitcoin purchases costing the firm as much as $2.46 billion.  The Tysons Corner, Virginia-based firm said it now owns 640,250 Bitcoin, which was worth around $73 billion based on current prices, according to crypto data provider CoinGecko. In recent weeks, when Strategy has raised proceeds solely from selling preferred shares, its corresponding Bitcoin purchases have been smaller than periods in which it issues common shares at a premium to relative its Bitcoin holdings to increase its stockpile. The company’s latest Bitcoin purchase was funded with proceeds from selling $1.7 million worth of STRK, $17.1 million worth of STRF, and $6.9 million worth of STRD. Introduced as an additional funding mechanism this year, some preferred shares receive dividend payments. On Monday, Bitcoin’s price hovered around $115,000, clawing back some losses amid hopes that trade tensions would de-escalate between the U.S. and China. Although Bitcoin’s price was down 8% over the past week, altcoins… The post Strategy Spent Another $27 Million on Bitcoin Before It Crashed appeared on BitcoinEthereumNews.com. In brief Strategy raised $27 million by issuing preferred shares. The firm bought Bitcoin at an average price of $123,500 last week. Bitcoin still hasn’t recovered fully from last week’s crash. Strategy, the world’s largest corporate holder of Bitcoin, said that it spent $27 million on the asset last week, but it appears that the firm did so before the leading cryptocurrency’s price plunged on Friday. Although Bitcoin’s price ranged between $126,000 and $110,000 last week, Strategy said that it purchased 220 Bitcoin at an average price of $123,500, a figure that aligns more closely with Bitcoin’s all-time high mark a week ago than the dip that followed, according to a press release. Strategy’s latest Bitcoin purchase was its third-smallest this year, but it still lifted the average cost of Bitcoin in its stockpile above the $74,000 mark. At other points this year, Strategy has unveiled weekly Bitcoin purchases costing the firm as much as $2.46 billion.  The Tysons Corner, Virginia-based firm said it now owns 640,250 Bitcoin, which was worth around $73 billion based on current prices, according to crypto data provider CoinGecko. In recent weeks, when Strategy has raised proceeds solely from selling preferred shares, its corresponding Bitcoin purchases have been smaller than periods in which it issues common shares at a premium to relative its Bitcoin holdings to increase its stockpile. The company’s latest Bitcoin purchase was funded with proceeds from selling $1.7 million worth of STRK, $17.1 million worth of STRF, and $6.9 million worth of STRD. Introduced as an additional funding mechanism this year, some preferred shares receive dividend payments. On Monday, Bitcoin’s price hovered around $115,000, clawing back some losses amid hopes that trade tensions would de-escalate between the U.S. and China. Although Bitcoin’s price was down 8% over the past week, altcoins…