Crypto: Michael Saylor’s Strategy Buys $204m Of Bitcoin In 101st Purchase

Strategy added 3,015 Bitcoin at $67,700 a piece in its 101st purchase, marking another buy below cost basis and lifting total holdings to 720,737 BTC.

Michael Saylor’s Strategy, the world’s largest public holder of Bitcoin, completed its 101st Bitcoin purchase, pushing its total holdings above 720,000 BTC.

The company acquired 3,015 Bitcoin (BTC) for $204.1 million last week, according to a US Securities and Exchange Commission filing on Monday.

The average buy price of its latest purchase was $67,700 per BTC, marking another purchase well below the company’s average acquisition price of $75,985.

The purchase brings its holdings to 720,737 BTC, acquired for a total cost of about $54.8 billion, the company disclosed.

The latest buy is one of a small number of Strategy purchases made below the company’s average cost basis, according to data compiled by SaylorTracker, a website that tracks Strategy’s bitcoin acquisitions.

The first such purchase occurred on Feb. 9, when the company bought 1,142 BTC as market prices dipped below $76,051 during the week. Strategy reported the average acquisition price of that batch at $78,815, above the market price at the time.

Strategy encountered a similar situation around 2022-2023, when BTC price dipped below its cost basis of around $30,600. The company completed a total of seven purchases of 28,560 BTC during that below-cost period.

Strategy (MSTR) shares saw some upward momentum last week, rising from around $125 on Monday to nearly $130 by Friday, according to TradingView.

Bitcoin, however, remained largely flat over the same period. The crypto asset started the week near $65,000, briefly surged above $69,000 on Wednesday, and dipped below $64,000 before stabilizing. At the time of publication, Bitcoin was trading at $65,834, according to TradingView.

Source: CoinTelegraph