Strategy, previously MicroStrategy, has made its ninth consecutive weekly Bitcoin purchase, marking the company’s 100th purchase. This latest purchase comes as BTC struggles, recently crashing below the psychological $67,000 level. The MSTR stock is also down amid this latest purchase, given its strong positive correlation with the leading crypto.
Strategy Acquires 592 BTC For $39.8 Million
An SEC filing shows that the company acquired 592 BTC for $39.8 million, at an average price of $67,286 per BTC. They now hold 717,722 BTC, which they acquired for $54.56 billion at an average price of $76,020 per Bitcoin.
The SEC filing also shows that Strategy used MSTR shares to fund this latest purchase. The company sold 297,940 shares, making net proceeds of $39.7 million.
Source: Strategy SEC FilingSaylor had hinted at the Bitcoin purchase in his conventional Sunday X post yesterday. He posted the Strategy’s Bitcoin portfolio tracker with the caption, “The Orange Century,” signaling that they had made their 100th BTC purchase.
The company has now made 100 Bitcoin purchases since it adopted the crypto asset as its primary reserve asset on August 10, 2020. Its first purchase was 21,454 BTC for $250 million. Saylor’s company currently ranks as the largest BTC treasury company, well ahead of second-placed Bitcoin miner Mara Holdings, which holds 53,250 BTC.
Meanwhile, the Bitcoin price continues to struggle amid this latest Strategy purchase. The leading crypto fell from as high as $68,000 over the weekend to as low as $65,000 today. The crash comes as BTC continues to show weak momentum due to a lack of demand.
BTC’s weakness is also negatively impacting the MSTR stock, which continues to face downside pressure due to Strategy’s Bitcoin exposure. TradingView data shows that the stock is currently trading at around $128, down over 2% from its last week’s close of $131.
Source: TradingView; Bitcoin Daily ChartSource: https://coingape.com/michael-saylors-strategy-makes-100th-bitcoin-purchase-buys-592-btc/
