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Saylor’s Strategy Buys More Bitcoin, Now HODLing over 640,000 BTC
- Strategy purchased 196 Bitcoin for US$22.1 million, acquiring the coins at an average price of US$113,048. The company now holds 640,031 BTC in total.
- The purchase ranks among Strategy’s smallest recent weekly acquisitions, occurring while the company’s stock, MSTR, fell to its lowest level since April.
- CEO Michael Saylor remains bullish on Bitcoin, predicting it will strengthen because institutional buyers (1,755 BTC daily) are acquiring more coins than are currently being mined (900 BTC daily).
Michael Saylor’s Strategy purchased 196 Bitcoin last week for US$22.1 million (AU$33.6 million), according to a filing with the US Securities and Exchange Commission.
The coins were acquired at an average of US$113,048 (AU$171,870) each as Bitcoin fell below US$110,000 (AU$167,300) on Thursday. The company now holds 640,031 BTC, bought for a combined US$47.35 billion (AU$71.9 billion) at an average of US$73,983 (AU$112,100) per coin.
Related: BlackRock Eyes Tokenised ETFs After Bitcoin Fund Success
The purchase ranks among Strategy’s smallest weekly acquisitions, which is quite a slowdown in accumulation after weeks of aggressiveness. As Crypto News Australia reported, the firm added around 525 BTC, or around US$60 million (AU$92.1 million), just two weeks ago.
Meanwhile, Strategy’s stock has come under pressure. MSTR fell to US$300.7 (AU$457) on Wednesday, its lowest level since April, extending a multi-month decline. CryptoQuant analyst Maartunn described the drop as a “painful move for the biggest corporate Bitcoin holder.”
Market Dips, Then Recovers, as Saylor Remains Confident
Saylor said last week he expects Bitcoin to strengthen toward year-end, citing expanding institutional participation, mainly amongst exchange-traded funds (ETFs) and treasury funds. He noted that these companies are acquiring more BTC than it is mined, specifically 1,755 BTC daily vs. 900 BTC mined per day.
Last week wasn’t precisely good for Bitcoin or the rest of the market. BTC plunged below US$109K (AU$165K), and even high market cap currencies like Solana experienced corrections of over 20%.
Yet things appear to be picking back up, slowly but surely. BTC is currently trading at US$114.3K (AU$173K), a modest 1.9% increase in the last 24 hours, and the crypto market regained the US$4 trillion mark (AU$6.8 trillion).
Author
José Oramas
José is a journalist and translator with a keen interest in blockchain and cryptocurrencies.
