Strategy Buys 10,645 Bitcoin as Crypto Market Braces for Japan Rate Hike

Michael Saylor’s Strategy, previously MicroStrategy, has made another weekly Bitcoin purchase, even as the crypto market continues its decline. This latest purchase comes amid a potential Japan rate hike, which could extend BTC’s year-to-date (YTD) loss and also negatively affect MSTR stock.

Strategy Acquires 10,645 For $980.3 Million

An SEC filing showed that the company acquired 10,645 BTC for $980.3 million at an average price of $92,098 per Bitcoin. It has now achieved a BTC yield of 24.79% year-to-date (YTD) and holds 671,268 BTC, which it acquired for $50.33 billion at an average price of $74,972 per Bitcoin.

The SEC filing also shows that Strategy made this purchase with net proceeds from the STRK, STRD, and MSTR shares. It raised $600,000, $82.2 million, and $888.2 million from these stock sales, respectively.

As CoinGape reported yesterday, Saylor had signaled another Strategy Bitcoin purchase in his conventional Sunday X post. He captioned the post, “₿ack to More Orange Dots,” indicating that they had bought more BTC.

Notably, this purchase tops the purchase from two weeks ago, when the company acquired 10,624 BTC for $962.7 million. These last two purchases are the largest since July, when it acquired $2.46 billion worth of BTC.

Furthermore, MSTR stock sales accounted for most of the proceeds from the At-The-Market (ATM) program, which Strategy used to fund both purchases. These MSTR share sales have notably increased since the company set up the USD reserve, which it suggested offset the need to sell its BTC holdings even if their mNAV drops below 1x.

Doubling Down Despite Potential Headwinds

These purchases come amid uncertainty over a potential MSCI exclusion due to its Bitcoin treasury holdings. Saylor’s company has already requested that MSCI withdraw its proposal to exclude digital-asset treasuries that hold over 50% in crypto from its global indexes.

Strategy has also continued to double down on its Bitcoin accumulation amid concerns of a bear market, which threatens to send the BTC price spiraling. CoinGape reported that Bitcoin is at risk of a drop to as low as $70,000 with the Bank of Japan likely to raise interest rates this week.

A potential decline in the BTC price is bearish for the MSTR stock, which shares a strong positive correlation with the flagship crypto. The stock is notably down over 24% in the last month amid Bitcoin’s decline below $100,000.

Meanwhile, TradingView data shows that the Strategy stock is currently trading flat amid the company’s announcement of its latest Bitcoin purchase. The stock is trading at almost $177 in pre-market after last week’s close of $176.