Strategy (MSTR) has maintained its momentum in acquiring bitcoin, albeit with a more modest purchase compared to its usual extensive buying patterns. Last week, the company, guided by executive chairman Michael Saylor, acquired a total of 855 bitcoin for a total cost of $75.3 million, translating to an average price of $87,974 each. This transaction was financed through the sale of common stock, as detailed in a recent regulatory filing.
This latest acquisition stands out as relatively small for a company that has often engaged in massive purchases, sometimes totaling hundreds of millions or even billions in bitcoin over the course of recent months. With this latest addition, Strategy’s total bitcoin holdings have reached an impressive 713,502 coins. The total investment in these holdings amounts to approximately $54.26 billion, which means the average purchase price across all acquisitions sits at around $76,052 per bitcoin.
The cryptocurrency market experienced some volatility late last week, a trend that carried into the weekend, leading to bitcoin trading slightly above $77,000. This price fluctuation positions Strategy above breakeven after approximately 5.5 years of investing in bitcoin.
In contrast to its acquisition strategy, shares of MSTR are seeing a downward trend, with a 7.3% drop in premarket trading, bringing the stock price to a new multi-year low of $138.80.
Market analysts have been closely monitoring Michael Saylor’s substantial bitcoin cache, despite the current state of the market and the recent downturn. While some investors may express concerns about the sustainability of such an investment strategy, the prevailing opinion among Saylor’s supporters suggests that he is unlikely to panic in light of the current situation.
