Bitcoin moved higher on Tuesday, extending its recent rally after Strategy disclosed another purchase of the cryptocurrency.
The world’s largest digital asset has climbed sharply over the past week, supported by improving regulatory sentiment, falling oil prices and lower U.S. Treasury yields.
Bitcoin gained around 0.5% to trade near $86,338 by late Tuesday morning in the U.S. market. The cryptocurrency had already reached a near eight-month high on Monday.
Strategy Buys Another 950 Bitcoin
Strategy announced on Monday that it purchased 950 Bitcoin for approximately $75.7 million between Sept. 14 and Sept. 20.
The latest acquisition increased the company’s total Bitcoin holdings to 846,000 BTC.
That represents Strategy’s highest Bitcoin balance since late June, although it remains slightly below its previous record of 847,363 coins.
The purchase helped improve sentiment around Strategy’s Bitcoin treasury strategy after the company sold part of its holdings earlier in the year.
Strategy Repurchases Preferred Stock
Strategy also revealed that it repurchased 1.77 million shares of its STRC preferred stock during the same Sept. 14-20 period.
The buyback was valued at approximately $174 million.
The company has been gradually repurchasing preferred shares in an effort to reduce its future dividend obligations.
Strategy has funded its Bitcoin purchases through a combination of debt and equity offerings.
Crypto Regulation Supports Bitcoin Sentiment
Bitcoin’s recent rally also comes amid changing cryptocurrency regulation in the United States.
Investor disappointment over the failure of the Clarity Act was partly offset by new regulatory measures introduced by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.
The SEC also granted a five-year exemption allowing qualified platforms to offer trading in tokenized U.S. stocks on blockchain-based systems.
The move increased optimism that blockchain technology could become more closely integrated with traditional financial markets.
Binance Faces Reported U.S. Investigation
Elsewhere in the crypto sector, U.S. federal prosecutors are reportedly investigating whether Binance violated sanctions related to Iran.
Authorities are examining whether the exchange facilitated certain trading activity and whether it knowingly allowed those transactions.
Binance previously paid a $4.3 billion penalty to U.S. authorities after pleading guilty to violations of anti-money laundering and sanctions laws.
BNB underperformed several major altcoins on Tuesday despite gaining around 1.8%.
Altcoins Rally Alongside Bitcoin
Broader cryptocurrency markets also advanced as Bitcoin continued its recent upward trend.
Ether traded largely unchanged at around $2,745, while XRP jumped approximately 5.6% to $1.58.
Altcoins received additional support from the SEC’s decision involving tokenized U.S. equities.
Market participants expect much of the growth in tokenized assets to take place on alternative blockchain networks rather than directly on Bitcoin.
Among other major cryptocurrencies, Solana slipped around 0.5%, while Cardano gained 3.5%.
Dogecoin advanced approximately 2.9%, while the TRUMP memecoin rose around 0.9%.
The combination of renewed Bitcoin buying by Strategy, lower bond yields and improving regulatory sentiment has helped maintain positive momentum across the broader crypto market.
