Strategy buys over $65 million in Bitcoin despite massive Binance hack
Strategy just bought 811 Bitcoin for $65 million.
The short version
- The purchase followed a historic $6.3 billion Binance hack.
- Michael Saylor funded the buy by selling stock.
- Bitcoin prices briefly slid to $76,600 during the breach.
Strategy, the publicly traded Bitcoin-holding company owned by billionaire Michael Saylor, is treating the market turmoil around last week's massive Binance hack as a shopping opportunity. On Monday, Strategy announced that it had bought over $65 million worth of Bitcoin over the past week, its largest purchase since late September.
The company's latest Bitcoin shopping spree ran from Oct. 26 through Nov. 1, when it bought 811 BTC at an average price of roughly $80,800 per coin. Strategy funded the purchases by selling shares of its common stock, while also spending $208 million from its cash holdings to repurchase roughly 2 million STRC shares that pay investors regular dividends.
Midway through Strategy's buying run, hackers linked to North Korea began siphoning billions of dollars in crypto from Binance, which is the industry's largest centralized exchange. They moved most of the roughly $6.3 billion in about 20 minutes, according to TRM Labs, a crypto intelligence firm.
As news of the breach spread across social media on Thursday, Bitcoin slid to a low of $76,600. A day before Monday's announcement, Michael Saylor, Strategy's executive chairman and an outspoken Bitcoin bull, hinted that the company had added to its stash amid the sharp price drop.
"We found room for even more orange," he wrote in a social media post early Sunday morning, alongside a chart marking Strategy's purchases against Bitcoin's price. The breach was roughly four times the size of the 2025 Bybit hack, which was the previous record holder, and was carried out by TraderTraitor, an elite North Korean hacking unit, according to TRM Labs.
Although Binance moved quickly and publicly pledged to cover customer losses, users on social media questioned what the breach meant for the security of the broader sector. "If Binance can be hacked, then I seriously question how safe this entire industry really is," one user wrote on X.
