Strategy purchases 10,624 BTC for $962M, increasing holdings to 660,624 BTC. MSTR stock rises 2% amid Bitcoin price fluctuations.
Michael Saylor’s Strategy, formerly known as MicroStrategy, has made a major Bitcoin acquisition. The company confirmed that it purchased 10,624 BTC for $962.7 million, expanding its holdings to a total of 660,624 BTC.
Following this massive purchase, Strategy’s stock price jumped more than 2%. The announcement came during Saylor’s participation at the Bitcoin MENA conference, with the firm targeting further growth and expansion.
Strategy’s Massive Bitcoin Purchase
On December 8, Strategy revealed it had purchased 10,624 BTC between December 1 and 7. The average price per Bitcoin in this acquisition was $90,615.
This adds to the company’s existing Bitcoin holdings, bringing the total to 660,624 BTC. These Bitcoin holdings have been acquired for a total of $48.38 billion, averaging $74,436 per coin.
Michael Saylor shared the news with shareholders via X, emphasizing the company’s ongoing commitment to its Bitcoin strategy. He also mentioned that the company’s Bitcoin yield had reached 27.8% year-to-date (YTD).
This purchase underscores Strategy’s belief in Bitcoin as a core asset for its long-term growth, even as the price of Bitcoin experiences fluctuations.
Strategy Stock Reacts to Bitcoin Purchase
Following the announcement of the purchase, Strategy’s stock (MSTR) rose by more than 2%. The increase in stock price reflects investor confidence in the company’s Bitcoin acquisition strategy.
MSTR stock was priced at $182.45 during pre-market trading, showing a positive reaction from the market. However, this increase came amid a broader decline in Bitcoin’s price, which fell below $92,000.
Despite the pullback in Bitcoin’s price, Strategy’s stock continues to perform relatively well. The stock had previously closed 3.77% lower at $178.99 after Bitcoin dropped below $88,000. Analysts have noted rising trading volumes, suggesting ongoing investor interest in the stock, even amid market corrections. Strategy continues to be a focus for investors due to its Bitcoin treasury.
Related Reading: Saylor’s Strategy Won’t Be Forced To Sell Bitcoin, Even In Bad Times, BitWise CIO Says
Bitcoin Price Dynamics Amid Strategy’s Purchase
Following Strategy’s Bitcoin purchase, the price of Bitcoin showed signs of volatility. Bitcoin had been trending upward but soon pared its earlier gains, dropping below $92,000.
Despite the pullback, the price remained about 3% higher from its recent low of $87,799. Trading volume for Bitcoin surged by 67%, indicating cautious trading ahead of the upcoming Federal Open Market Committee (FOMC) meeting.
Market data from CoinGlass showed that Bitcoin’s futures open interest had decreased by 0.77% to $58.06 billion in the past few hours.
Notably, futures open interest on platforms like CME and Binance had also dropped slightly. These trends reflect the market’s uncertainty amid Bitcoin’s price fluctuations, despite the positive move in Strategy’s stock.
Source: https://www.livebitcoinnews.com/strategy-confirms-latest-buy-of-10624-btc-for-962-million/
