Strategy Makes Another Bitcoin Purchase as Unrealized Losses Mount

Michael Saylor, the Bitcoin champion behind Strategy’s BTC accumulation strategy, announced minutes ago the latest acquisition made by the company, in which it spent $90 million to accumulate 1,142 units.

Consequently, the firm’s total stash has grown to 714,644 BTC, acquired at an average price of $76,056 for a total of $54.35 billion. Thus, Strategy’s bitcoin holdings continue to be in the red as the asset trades below $70,000 at press time.

Given the cryptocurrency’s adverse movements over the past week or so, the average price of $78,815 per BTC means that Strategy completed its acquisition on Monday or Tuesday. After all, the asset plunged hard in the following days and hasn’t traded at such high prices for a week now.

This raised some questions within the cryptocurrency community, including Satoshi Flipper, who indicated that buying BTC at these levels, even with DCA, makes these purchases “beyond silly.”

Interestingly, Strategy’s stock prices ended the previous week on a high note, skyrocketing by over 26% to $135. However, MSTR has dropped by nearly 4% in pre-market trading today. On a monthly scale, MSTR’s price is down by 14% despite Friday’s bounce.

The post Strategy Makes Another Bitcoin Purchase as Unrealized Losses Mount appeared first on CryptoPotato.