MicroStrategy Buys $65 Million in Bitcoin After Binance Hack
MicroStrategy purchased 811 Bitcoin during a market dip caused by a $6.3 billion security breach at the Binance exchange.
The publicly traded Bitcoin-holding company MicroStrategy purchased 811 BTC worth over $65 million between October 26 and November 1. The company funded these acquisitions by selling common stock and simultaneously spent $208 million to repurchase approximately 2 million of its own shares.
This buying activity occurred during a period of extreme market volatility following a massive security breach at Binance, the world's largest centralized exchange. Hackers from the North Korean unit TraderTraitor siphoned approximately $6.3 billion in cryptocurrency in roughly 20 minutes. The theft caused the price of Bitcoin to drop to $76,600.
While Binance pledged to cover all customer losses, the scale of the breach is roughly four times larger than the 2025 Bybit hack. TRM Labs, Inc. tracked the movement of the stolen funds to identify the perpetrators, while MicroStrategy executive chairman Michael Saylor noted the company found room to increase its holdings during the price decline.
