The post Strategy Snaps Up $1 Billion In Bitcoin As The BTC Treasury Firm Remains In Nasdaq 100 Index ⋆ ZyCrypto appeared on BitcoinEthereumNews.com. AdvertisementThe post Strategy Snaps Up $1 Billion In Bitcoin As The BTC Treasury Firm Remains In Nasdaq 100 Index ⋆ ZyCrypto appeared on BitcoinEthereumNews.com. Advertisement

Strategy Snaps Up $1 Billion In Bitcoin As The BTC Treasury Firm Remains In Nasdaq 100 Index ⋆ ZyCrypto

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Michael Saylor’s Strategy is back in the business of acquiring large tranches of Bitcoin, announcing a purchase of nearly $1 billion worth of BTC for the second consecutive week despite a broader market slump that has weighed on investor sentiment.

Strategy Purchases Another 10,645 Bitcoin For Treasury

Strategy bought 10,645 Bitcoin between Dec.8 and Dec. 14 for $980.3 million — an average price of $92,098 per coin— amid wobbling BTC prices.

The Nasdaq-traded firm (formerly MicroStrategy), which began as a business software provider, pivoted in 2020 to stockpiling Bitcoin as its core strategy. It has since accumulated 671,268 BTC, bought at an average price of $74,972 per bitcoin for a total cost of around $50.33 billion. For perspective, the stash represents over 3.1% of Bitcoin’s total supply of 21 million, cementing its position as the world’s largest corporate Bitcoin holder.

The latest buy was funded primarily using proceeds from at-the-market sales of its Class A common stock, MSTR. Strategy sold 4,789,664 MSTR shares for roughly $888.2 million last week.

Last week’s acquisition is noteworthy as it’s the second consecutive weekly purchase of around $1 billion worth of the apex crypto. Although Strategy has been a persistent buyer of Bitcoin in recent months, most weekly purchases have been quite small due to restrictions on the firm’s ability to raise more funds.

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Against that backdrop, the Bitcoin-heavy firm announced the formation of a $1.44 billion US dollar reserve intended to keep enough money in the reserve to fund at least twelve months of dividends.

This comes as Strategy has hung on to its spot in the Nasdaq 100 despite the exchange’s major index reshuffle on Friday. Meanwhile, MSCI, a major index provider, has flagged concerns about digital asset treasury companies (DATs) like Strategy and is expected to issue a decision in January on whether to exclude them from its benchmarks.

Analysts warn that removal of the Tysons Corner, Virginia-based firm from its benchmarks could spark major outflows.

Meanwhile, Bitcoin is down 3.5% in the last 24 hours, recently trading hands at $85,728.62, per CoinGecko data.

Source: https://zycrypto.com/strategy-snaps-up-1-billion-in-bitcoin-as-the-btc-treasury-firm-remains-in-nasdaq-100-index/

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