Strategy Buys $65 Million in Bitcoin as Binance Hack Rocks Market

Strategy bought more than $65 million worth of Bitcoin last week — its largest purchase since late September — and timed part of the run against a market panic triggered by the largest hack in crypto history.

The publicly traded Bitcoin-holding company, controlled by billionaire Michael Saylor, disclosed the purchases on Monday. The buying ran from Oct. 26 through Nov. 1 and covered 811 BTC at an average price of roughly $80,800 per coin, according to the company's announcement.

Strategy funded the acquisitions by selling shares of its common stock. It also spent $208 million from cash holdings to repurchase roughly 2 million STRC shares, the preferred-style instruments that pay investors regular dividends.

What happened at Binance?

Midway through Strategy's buying run, hackers linked to North Korea began draining billions 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.

TRM Labs attributed the attack to TraderTraitor, an elite North Korean hacking unit. The breach was roughly four times the size of the 2025 Bybit hack, the previous record holder. It followed a string of North Korean crypto heists that U.S. authorities and researchers say bankroll the regime's weapons programs.

How did Saylor respond?

A day before Monday's announcement, Saylor — Strategy's executive chairman and an outspoken Bitcoin bull — hinted 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 disclosure did not specify whether the company bought during the dip itself. Its purchases, however, overlapped with a week of renewed concern about crypto security across the sector.

What does the breach mean for the industry?

The unprecedented scale of the Binance theft has tested the industry's efforts to move beyond its history of hacks and failures. Binance moved quickly and publicly pledged to cover customer losses, but users on social media questioned what the breach means for the broader sector's defenses.

"If Binance can be hacked, then I seriously question how safe this entire industry really is," one user wrote on X.

For Strategy, the calculus was different. The company treated the turmoil around the exchange — not Bitcoin's underlying network — as a buying window, continuing a strategy of issuing stock to accumulate coins through market swings.

The question facing the sector now is whether Saylor's confidence holds as regulators, exchanges and customers absorb the fallout from the largest theft crypto has ever recorded.