Michael Saylor’s Strategy Adds 2,486 BTC Amid Institutional Concerns Over Quantum Threat To Bitcoin

Michael Saylor’s Strategy, previously MicroStrategy, has announced its eighth consecutive weekly Bitcoin purchase, with the company now just one more purchase away from hitting its 100th BTC purchase milestone. This latest purchase comes as investors raise concerns over the threat of quantum computing to BTC, although Saylor’s company is also notably making plans to combat this threat.

Strategy Acquires 2,486 BTC for $168.4 Million

An SEC filing shows that the company acquired 2,486 BTC for $168.4 million, at an average price of $67,710 per BTC. They now hold 717,131 BTC, which they acquired for $54.52 billion at an average price of $76,027 per Bitcoin.

The filing shows that Strategy funded this latest purchase using proceeds from MSTR and STRC stock sales. It sold 660,000 MSTR and 785,354 STRC shares, raising net proceeds of $90.5 million and $78.4 million, respectively.

As CoinGape reported, Saylor had teased about the Bitcoin purchase in his conventional Sunday X post, with the caption, “99>98,” signaling that this latest purchase was larger than last week’s. It is worth noting that this is Strategy’s 99th BTC purchase, since they adopted the leading crypto for their reserves in 2020.

Furthermore, this marks the company’s eighth consecutive weekly Bitcoin purchase, dating back to December last year. The purchase comes as institutional investors raise concerns over the threat of quantum computing to Bitcoin.

CoinGape reported earlier today that Kevin O’Leary warned of a potential Bitcoin crash due to concerns about the quantum threat to BTC. He noted that these institutions are currently hesitating due to this threat and that he doesn’t expect them to exceed a 3% allocation until the threat is resolved.

Notably, during last week’s earnings call, Strategy announced that they had launched a Bitcoin Security Program to address quantum computing threats. However, Saylor noted that this threat is still likely years away.

Meanwhile, the MSTR stock is down amid this latest Bitcoin purchase. Yahoo Finance data show the stock is trading at around $129, down nearly 4% from last week’s close of $134. MSTR is also down over 16% year-to-date (YTD).