Strategy’s Bitcoin Bet Tops $58 Billion After Latest 4,871 BTC Purchase
Bitcoin treasury firm Strategy has resumed its buying spree after a two-week gap with a new $329.9 million acquisition of the cryptocurrency. Strategy Has Added 4,871 Tokens To Its Bitcoin Treasury In a new post on X, Strategy co-founder and chairman Michael Saylor has shared details related to the company’s latest Bitcoin acquisition. In total, […]
Strategy, a prominent Bitcoin treasury firm, has recently completed a significant acquisition of the cryptocurrency, marking a resumption of its buying spree after a two-week hiatus. In a new post on X, Michael Saylor, the co-founder and chairman of Strategy, shared details about the company's latest Bitcoin purchase, which totals 4,871 tokens for $329.9 million. This translates to an average cost of $67,718 per token.
Saylor's recent post on X, featuring the company's Bitcoin portfolio tracker with the caption "₿ack to Work," signaled the return to the firm's regular buying routine. Strategy typically announces its acquisitions on Mondays, but the firm skipped its usual schedule last week. The acquisition was executed between April 1st and 5th, as per the filing with the US Securities and Exchange Commission (SEC).
The purchase was funded using proceeds from the sales of Strategy's STRC and MSTR at-the-market (ATM) stock offerings. In the past, Strategy has demonstrated a tendency to buy Bitcoin at local price tops, with the tokens often dipping into losses by the time the firm reveals the purchase. However, this time, the latest Bitcoin spot price remains trading above the buy's cost basis, meaning the tokens are in the green.
Despite this positive development, Strategy's overall Bitcoin holdings have continued to be underwater recently. Following the new purchase, the firm's cost basis sits at $75,644, resulting in a loss of approximately 8.1% at the current spot price. Strategy first fell underwater with the price crash at the start of February, and since then, the market has remained down amid uncertainties such as the Iran war. Consequently, Bitcoin has not yet managed to reclaim its break-even level.
The latest acquisition marks a milestone for Strategy, as its total investment into Bitcoin has now exceeded the $58 billion mark. With a total of 766,970 tokens in its wallets, Saylor's firm occupies a significant position in the network's supply. As the Bitcoin market continues to navigate uncertain waters, Strategy's consistent buying strategy and significant investment highlight the firm's confidence in the long-term potential of the cryptocurrency.
