Strategy Adds Nearly $1b In Bitcoin As Market Slump Pressures Mstr...

Michael Saylor’s company increased its Bitcoin holdings to 671,268 BTC following back-to-back weeks of purchases exceeding 10,000 BTC.

Business intelligence company–turned–Bitcoin treasurer Strategy significantly expanded its Bitcoin holdings last week, accumulating more of the digital asset amid a broader market slump that weighed on investor sentiment.

Strategy announced Monday that it acquired 10,645 Bitcoin (BTC) for $980.3 million, paying an average price of $92,098 per coin.

The purchase brought Strategy’s total holdings to 671,268 BTC, further cementing its position as the world’s largest corporate Bitcoin holder.

Strategy’s Bitcoin yield, a proprietary metric that measures the percentage change in the company’s Bitcoin holdings relative to its fully diluted share count, stands at 24.9%, the company said, indicating the approach has remained effective despite the recent market downturn.

Strategy has stepped up its Bitcoin purchases in recent weeks after a relatively quiet period. As Cointelegraph reported, the company bought 10,624 BTC in the first week of December.

Related: Why Saylor’s Strategy keeps buying Bitcoin: The long-term bet, explained

Strategy has established a US dollar reserve as it navigates heightened market volatility following a sharp pullback in Bitcoin prices and pressure on its stock.

The company has amassed a sizable Bitcoin position by directing operating cash into the asset and, more recently, by raising capital through stock sales and debt offerings to fund continued purchases.

That strategy has come under strain amid the latest downturn in the cryptocurrency market. Bitcoin fell from a record high of $126,000 to below $80,000 in November, a move that also weighed on Strategy’s shares, which tend to trade as a leveraged proxy for the digital asset.

Source: CoinTelegraph