Michael Saylor’s Strategy, the world’s largest holder of Bitcoin, continued stacking the cryptocurrency as the BTC price edged up slightly last week.
Strategy acquired 1,955 Bitcoin (BTC) for $217.4 million between Sept. 2 and 7, according to a Tuesday US Securities and Exchange Commission filing.
The purchase was made at an average price of $111,196 per coin as the cryptocurrency briefly surged above $113,000 last Friday before slipping to around $110,000, according to CoinGecko.
With the new acquisition, Strategy’s total Bitcoin holdings totaled 638,460 BTC as of Sunday, purchased for approximately $47.2 billion and at an average price of $73,880 per BTC.
Ongoing buying slowdown
Strategy’s latest Bitcoin purchase follows a series of buys in August, totaling approximately 7,714 BTC for the month.
The company’s BTC buying last month was significantly smaller than previous purchases, including a massive 31,466 BTC acquisition in July and a 17,075 BTC acquisition in June.
An excerpt from Strategy’s Form 8-K. Source: SECThe latest purchase was made using proceeds from three of Strategy’s at-the-market (ATM) equity offerings, including the Series A Perpetual Strife Preferred Stock (STRF), the Series A Perpetual Strike Preferred Stock (STRK) and its own Common A stock MSTR.
Strategy left off the S&P 500
Strategy’s new Bitcoin buy came after the company was excluded from the addition to the S&P 500 index last Friday, contrary to the expectations of many.
Instead, S&P 500 added a few new stocks, including the crypto-friendly stock trading app Robinhood, the mobile technology company AppLovin and Emcor Group, which specializes in mechanical and electrical construction services. The new stocks are set to join the index before market open on Sept. 22.
Related: Michael Saylor’s fortune jumps $1B amid billionaire index inclusion
Addressing Strategy’s exclusion from S&P 500, ETF analyst Eric Balchunas highlighted the deciding role of a “secretive committee” behind the index.
Source: Michael Saylor“You have to realize SPX is essentially an active fund run by a secret committee. We [invited] the dude who used to run this committee on trillions,” Balchunas wrote on X last Friday, referring to a 2020 podcast dubbed “The Secretive Committee Behind the S&P 500.”
Magazine: Bitcoin may sink ‘below $50K’ in bear, Justin Sun’s WLFI saga: Hodler’s Digest, Aug. 31 – Sept. 6
Source: https://cointelegraph.com/news/michael-saylor-strategy-buys-217-million-bitcoin?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
