MicroStrategy Adds 220 BTC, Bringing Total BTC Holdings to 640,250 BTC
Strategy (formerly MicroStrategy), the largest Bitcoin holder, is back with another major purchase. The Bitcoin-focused firm headed by Michael Saylor has once again expanded its Bitcoin holdings, even as the cryptocurrency market faces significant volatility.
Strategy adds 220 BTC to its Treasury
Strategy bought an additional 220 Bitcoins for about $27.2 million, at an average price of $123,561 per coin during the recent market crash.
With this new purchase, Strategy now holds a total of 640,250 Bitcoins, purchased at an average price of $74,000 per Bitcoin. The company has achieved a Bitcoin return of 25.9% year-to-date (YTD).
The announcement also revealed that Strategy sold shares of STRF, STRD, and STRK, raising $19.8 million, $5.8 million, and $1.7 million, respectively. The proceeds from these sales were used to fund the company's latest Bitcoin purchase.
Notably, Saylor had hinted at this new Bitcoin purchase a day earlier.
Strategy to continue buying Bitcoin
The latest Bitcoin buying spree comes after the cryptocurrency market saw record liquidations. Bitcoin prices fell to $105,000 before recovering slightly.
The acquisition marks the company’s return to a regular buying schedule after a brief pause last week. In the quarter ended September 30, the company reported an unrealized gain on digital assets of $3.89 billion, with a deferred tax expense of $1.12 billion. As of the same date, the company’s digital assets had a book value of $73.21 billion, with a deferred tax liability of $7.43 billion.
MSTR is trading around $307 in premarket trading. The stock has fallen nearly 16% over the past five days.
Other companies are also buying on the dip.
Besides Strategy, other companies also continue to buy Bitcoin amid the price drop.
Marathon Digital (MARA ), a leading Bitcoin mining firm, has purchased 400 BTC worth $46 million through FalconX, adding to the company’s growing treasury.
Smarter Web Company , the UK’s largest publicly traded company to hold Bitcoin on its balance sheet, also continues to accumulate steadily according to its “10-Year Plan”. The company now holds a total of 2,650 Bitcoins.