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.