Strategy Bought More Bitcoin During Volatile Week on Wall Street

Michael Saylor’s Strategy took advantage of the large price swings in the company’s common shares last week to purchase $285.8 million more of Bitcoin.

While the stock fluctuated from losses of as much as 11% to gains of around 25% during the week, the former MicroStrategy Inc. said it sold shares through its at-the-market program to finance the crypto purchases.

Hedge funds have been driving some of the demand for the company’s convertible debt, as they seek out Strategy for trades that incorporate buying the bonds and selling the shares short, essentially betting on the underlying stock’s volatility. ...