Strategy, previously MicroStrategy, has made its seventh consecutive weekly Bitcoin purchase. This comes amid the dip in the BTC price and MSTR stock, while Michael Saylor credited the flagship crypto for his company’s outperformance over the years.
Strategy Acquires 525 BTC For $60 Million
In a press release, the company announced that it had acquired 525 BTC for $60.2 million at an average price of $114,562 per Bitcoin. It has also achieved a BTC yield of 25.9% and now holds 638,985 BTC, which it acquired for $47.23 at an average price of $73,913 per Bitcoin.
This follows Michael Saylor’s conventional Sunday X post, in which he hinted at another Strategy Bitcoin purchase. In his post, he simply said “Bitcoin deserves credit” while spotlighting his company’s BTC portfolio tracker. Saylor had also earlier credited BTC for MSTR’s outperformance over the ‘Mag 7’ stocks.
The SEC filing shows that the company didn’t sell MSTR shares this time around to fund this Bitcoin purchase. Instead, it sold STRF, STRK, and STRD shares, raising $34 million, $17.3 million, and $16.9 million, respectively.
Source: Strategy SEC FilingMeanwhile, this marks Strategy’s seventh consecutive weekly purchases. Last week, the company announced its acquisition of 1,955 BTC for $217.4 million, which came amid the S&P 500 snub.
MSTR Stock Drops Over 2% Today
The Strategy stock is down amid this development. TradingView data shows that the stock is currently trading at around $325, down almost 2% from last week’s closing price $331..
The MSTR stock is also down in the last five days and by over 16% in the last month. This has come amid the sideways movement of Bitcoin, which is down from its all-time high (ATH) of $124,000, which it hit last month.
The MSTR stock could also be at further risk given its correlation with the flagship crypto due to Strategy’s Bitcoin exposure. Interestingly, BTC critic Peter Schiff recently warned that Bitcoin is topping out ahead of a potential rate cut this week. It is worth noting that Schiff has stated several times that MSTR will crash once the ‘BTC bubble’ busts.
The Bitcoin price is currently trading at just below the psychological $115,000 level, down in the last 24 hours. This comes amid fears that a rate cut could end up being a ‘sell the news’ event.
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Source: https://coingape.com/strategy-adds-525-btc-as-michael-saylor-says-bitcoin-deserves-credit/
