Michael Saylor’s company, Strategy, has once again increased its Bitcoin holdings with a massive new purchase. According to a filing with the U.S. Securities and Exchange Commission, the company bought 17,994 Bitcoin last week for about $1.28 billion.
The purchase price averaged around $70,946 per Bitcoin. This is slightly lower than the company’s overall average buying price of $75,862 per BTC. After this latest purchase, Strategy now owns a total of 738,731 Bitcoin. The company has spent around $56 billion in total to build this huge Bitcoin reserve.
This is one of the biggest Bitcoin purchases Strategy has made in recent months. The last time the company bought a larger amount was in January, when it acquired more than 22,000 BTC for about $2.13 billion.
Interestingly, Strategy is continuing to buy large amounts of Bitcoin even during periods when the market price is below its average cost. In earlier market downturns during 2022 and 2023, the company usually made smaller purchases instead of large ones.
Market watchers also noted that Strategy’s latest buy is far larger than the amount of new Bitcoin being created. About 450 BTC are mined every day, or roughly 3,150 BTC per week. By purchasing nearly 18,000 BTC in one week, Strategy bought the equivalent of about five weeks of new Bitcoin supply.
The company now holds around 3.7% of all Bitcoin currently in circulation. At the time of writing, Bitcoin was trading near $67,725. Meanwhile, Strategy’s stock also showed a small recovery, rising around 3.6% during the past week.
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