Michael Saylor’s Strategy Acquires Nearly $50,000,000 Worth of Bitcoin (BTC) As Firm’s Stock Slumps

Michael Saylor’s digital asset treasury company, Strategy, just announced a new purchase of nearly $50 million worth of Bitcoin (BTC) as the firm’s stock continues to slide amid the crypto sector’s price woes.

Saylor says that the firm bought 487 Bitcoin last week at a price of $102,557 per BTC.

Strategy now owns 641,692 BTC acquired for approximately $47.54 billion, at a cost of $74,079 per Bitcoin.

Saylor says Strategy has achieved a BTC yield of 26.1% year-to-date. The firm, listed on the Nasdaq under the ticker MSTR, is the world’s largest corporate Bitcoin holder. It was also the first company to use BTC as its sole treasury asset.

The firm’s stock has been on a downswing amid a volatile crypto market, with MSTR slumping by nearly 7.5% in the past five days and more than 22.5% in the past month.

Strategy also announced last week that it plans to launch a new initial public offering (IPO) of a euro-denominated perpetual preferred stock.

The Bitcoin treasury firm intends to use the proceeds from the offering for general working capital and to buy more BTC.

BTC is trading at $104,786 at time of writing. The top-ranked crypto asset by market cap is up nearly 1% in the past 24 hours but down more than 1.6% in the past week and more than 6% in the past month.

 

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