Bitcoin holding company Strategy, controlled by billionaire Michael Seller (Michael Saylor) and listed on the public market, is seeing the market turmoil sparked by the large-scale hack on Binance last week as an opportunity to buy. On Monday, Strategy announced that it had purchased Bitcoin worth over $65 million in the past week, which is the largest purchase by the company since late September.
The latest round of Bitcoin purchases by Strategy occurred between October 26th and November 1st. The company purchased 811 units of BTC at an average price of approximately $80,800 per unit. Strategy funded these purchases by selling common stocks. The company also used $208 million in cash to repurchase about 2 million shares of STRC stock; this stock pays dividends to investors on a regular basis.
In the middle of the buying period during Strategy, hackers associated with North Korea began to transfer billions of dollars in crypto assets from Binance, the largest centralized exchange in the industry. According to data from the crypto intelligence company TRM Labs, they transferred most of that funds within about 20 minutes, totaling approximately 6.3 billion dollars. As news of the hack spread on social media on Thursday, Bitcoin once fell to 76,600 dollars.
One day before the announcement on Monday, Strategy Executive Chairman and renowned Bitcoin bull Selar hinted that the company had further increased its holdings of Bitcoin during the period of significant price drops.
In a social media post early on Sunday morning, he wrote: “We have freed up even more space to hold orange assets.” The post also included a chart that showed the purchase records of Strategy alongside the trend of Bitcoin prices.
The purchase of Strategy coincided with a week in which market concerns about crypto security intensified again, however, the company's disclosure did not indicate whether the purchase was made during a period of declining prices.
TRM Labs indicates that the scale of this attack is approximately four times that of the Bybit hacker incident in 2025, which was previously the record holder. The perpetrator is TraderTraitor, a elite North Korean hacker group. Previously, North Korea has launched several crypto-theft attacks in succession, with the aim of raising funds for the regime's weapons programs.
The unprecedented scale of this attack poses a challenge to the entire industry's efforts to shake off the historical burden of frequent hacker attacks and failures. Despite Binance's swift actions and public commitment to cover customer losses, users on social media still question what this incident means for the security of the entire industry.
A user wrote on X: “If even Binance can be hacked, then I would really seriously doubt how secure the entire industry is.”
