Strategy, led by well-known Bitcoin supporter Michael Saylor, has bought another 1,550 Bitcoin for about $101 million. The latest gains were made between June 1 and June 7 at an average price of $65,332 per BTC.
After this announcement, Bitcoin rose 3.5%, helping to change the market sentiment after BTC briefly fell below $59,500.
The Strategy Adds More Bitcoin to Its Greater Space
The latest purchase comes less than two weeks after Strategy revealed the sale of 32 Bitcoin, its first BTC sale since 2022.
This is it to buyStrategy’s total Bitcoin holdings have increased to 845,256 BTC, making it one of the largest Bitcoin companies in the world. The company said the latest purchase is part of a long-term strategy to use Bitcoin as its primary asset.
The purchase also marks Strategy’s first acquisition of Bitcoin since its recent sale, indicating that the company remains committed to accumulating digital assets despite market volatility.
Company Expands Cash Reserves With Bitcoin Holdings
The announcement was accompanied by a statement from Saylor, who revealed that the company had also increased its investment.
Strategy also increased its US dollar investment by $100 million, bringing its total investment to $1 billion. To support both, the company paid $181 million during that time.
While supporters see the move as another strong vote of confidence in Bitcoin, some critics continue to point to the dilution of shareholders due to repeated stock sales.
Following recent purchases, Strategy has spent at least $64 billion on its Bitcoin investments. However, with Bitcoin currently trading below the average purchase price of the company at a price of $75,680, its holdings show an impossible loss of about $10.4 billion.
Bitcoin Price Do Better
Despite concerns about the stock market, investors reacted positively to the announcement. Shortly after the news, Bitcoin jumped around 3.5% and traded above $63,800.
The recovery comes as Bitcoin recently dropped below $59,500 amid market uncertainty.
Many traders see the Strategy’s continued accumulation as a sign of long-term confidence in Bitcoin’s future.
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