Strategy, led by Michael Saylor, added more Bitcoin last week even as prices stayed below its average buying cost. The company purchased 1,142 BTC for around $90 million, according to a filing with the US Securities and Exchange Commission.
The average purchase price of Bitcoin was $78,815 per coin, while BTC traded below that level for most of the week and, for a while, dipped near $60,000. The move pushed Strategy’s total holdings to 714,644 BTC, which is acquired for about $54.35 billion at an average cost of $76,056 per coin.
The objective behind buying close to $79,000 was to avoid lowering its overall cost basis. Yet, Bitcoin has traded well below that level for nearly a week, struggling to move past $72,000.
This marks the firm’s second purchase below its average price this cycle. Strategy faced a similar situation in 2022 and slowed buying then, though it never fully stopped.
Strategy’s stock reflected Bitcoin’s swings, falling to $107 before rebounding 26% to around $135 as crypto markets recovered slightly.
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