Michael Saylor’s Strategy Buys 220 BTC Amid Crypto Market Dip, Now Holds 640,250 BTC

The post Michael Saylor’s Strategy Buys 220 BTC Amid Crypto Market Dip, Now Holds 640,250 BTC appeared first on Coinpedia Fintech News

Strategy (formerly MicroStrategy), the largest corporate holder of Bitcoin, is back with another big buy. 

The Bitcoin-focused firm, led by Michael Saylor, has expanded its Bitcoin holdings once again, even as the crypto market faced heavy turbulence.

Strategy Adds 220 BTC to Its Treasury

Strategy has purchased an additional 220 Bitcoin for approximately $27.2 million, at an average price of $123,561 per coin during the recent market dip. 

With this new purchase, Strategy now holds a total of 640,250 Bitcoin, purchased at an average of $74,000 per Bitcoin. It has achieved a Bitcoin yield of 25.9% year-to-date (YTD). 

The disclosure also revealed that Strategy sold shares of STRF, STRD, and STRK, raising $19.8 million, $5.8 million, and $1.7 million, respectively. The proceeds from these sales were used to fund the company’s latest Bitcoin purchases. 

Notably, Saylor had hinted at this new Bitcoin buy a day earlier.

Strategy Resumes Bitcoin Buys

The latest Bitcoin purchase comes after the crypto market saw record-breaking liquidations. Bitcoin’s price had plunged down to $105k levels before marking a slight recovery.

This acquisition marks the company’s return to its regular buying schedule after a brief pause last week. For the quarter ending September 30, the company reported an unrealized gain of $3.89 billion on its digital assets, with a deferred tax expense of $1.12 billion. As of the same date, the carrying value of the company’s digital assets was $73.21 billion, accompanied by a deferred tax liability of $7.43 billion.

MSTR is trading around $307 in premarket hours. The stock has dropped nearly 16% in the last five days. 

Other Firms Are Also Buying the Dip

Alongside Strategy, other firms also continued buying Bitcoin amidst the price dips. 

Marathon Digital (MARA), the leading Bitcoin miner purchased 400 BTC worth $46 million through FalconX, adding to its steadily growing treasury.

The Smarter Web Company, which is UK’s largest publicly traded company holding Bitcoin on its balance sheet, also continued its steady accumulation under its “10 Year Plan.” It now holds a total of 2,650 Bitcoin.