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. It also spent $208 million from its cash holdings to repurchase roughly 2 million STRC shares, which pay investors regular dividends.
Midway through Strategy’s buying run, hackers linked to North Korea began siphoning billions of dollars in crypto from Binance, the industry’s largest centralized exchange. They moved most of the roughly $6.3 billion in about 20 minutes, according to crypto intelligence firm TRM Labs. As news of the breach spread across social media Thursday, Bitcoin slid to a low of $76,600.
A day before Monday’s announcement, 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.
Strategy’s purchases overlapped with a week of renewed concern about crypto security, though its disclosure did not specify whether it bought during the price dip.
The breach, roughly four times the size of the 2025 Bybit hack—the previous record holder—was carried out by TraderTraitor, an elite North Korean hacking unit, according to TRM Labs. It followed a string of North Korean crypto heists aimed at bankrolling the regime’s weapons programs.
The unprecedented scale challenged the industry’s growing efforts to move beyond its history of hacks and failures. 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.
Strategy, the Bitcoin-holding company led by billionaire Michael Saylor, is seizing the opportunity presented by the recent market turmoil caused by a significant hack at Binance, the world’s largest centralized exchange. In a bold move, Strategy announced on Monday that it had purchased over $65 million worth of Bitcoin (BTC) over the past week, marking its largest acquisition since late September.
The company’s latest Bitcoin buying spree took place from October 26 to November 1, during which it acquired a total of 811 BTC at an average price of approximately $80,800 per coin. To finance these purchases, Strategy sold shares of its common stock and also allocated $208 million from its cash reserves to repurchase around 2 million of its own shares (STRC), which provide dividends to investors.
In the midst of this buying activity, a major security breach occurred at Binance, linked to a North Korean hacking group, which reportedly siphoned billions of dollars in cryptocurrency in a matter of minutes. According to crypto intelligence firm TRM Labs, hackers moved roughly $6.3 billion in about 20 minutes, causing Bitcoin’s price to drop to a low of $76,600 as news of the incident spread on social media.
Before the announcement of Strategy’s purchases, Saylor hinted at the company’s increased Bitcoin holdings in a social media post, referring to the recent price dip and expressing confidence in acquiring more Bitcoin. “We found room for even more orange,” he wrote, alongside a chart depicting Strategy’s purchases in relation to Bitcoin’s price.
The timing of Strategy’s purchases coincided with heightened concerns regarding cryptocurrency security, although the company did not clarify whether its acquisitions were made specifically during the price decline. The hack, which was four times larger than a previous record set by the Bybit incident in 2025, was executed by a North Korean hacking unit known as TraderTraitor. This attack is part of a broader pattern of North Korean cyber heists aimed at financing the regime’s weapons programs.
The unprecedented nature of the Binance breach has raised significant concerns about the security of the cryptocurrency industry, challenging ongoing efforts to improve the sector’s reputation following past hacks and failures. Despite Binance’s prompt action to address the situation and its public commitment to covering customer losses, many users expressed skepticism regarding the overall safety of the cryptocurrency market. Comments on social media reflected this uncertainty, with one user questioning the industry’s security after the Binance incident.
Overall, Strategy’s aggressive Bitcoin acquisition strategy amidst market volatility highlights its bullish stance on cryptocurrency, while also underscoring the fragility of investor confidence in the wake of significant security breaches in the industry. The company’s ability to navigate these challenges and capitalize on opportunities may set the stage for its continued growth in the evolving landscape of digital assets.
