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Bitcoin

Strategy Buys The Bitcoin Dip: Saylor Unveils New $357 Million Purchase

Keshav Verma
by Keshav Verma
1 month ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Michael Saylor’s Strategy has just announced a new Bitcoin purchase, suggesting the price dip hasn’t stopped the company from buying more.

Strategy Has Made A Fresh Addition To Its Bitcoin Treasury

As announced by Strategy chairman Michael Saylor in a new post on X, the company has completed a new Bitcoin acquisition involving 3,018 BTC. The firm purchased these coins for $356.9 million or an average price of $115,829 per token.

According to the filing with the US Securities and Exchange Commission (SEC), the purchase occurred between August 18th and 24th. This is the same window in which BTC faced a drawdown. Thus, it seems the company wasn’t dissuaded by the bearish price action.

Related Reading: South Korea’s Banking Giants Eye Stablecoins In Talks With Tether, Circle

In fact, the firm’s purchase this week was significantly bigger than last week’s buy, which involved an amount of 430 BTC ($51.4 million), or the one from the week before, coming at 155 BTC.

Following the latest acquisition, Strategy’s total Bitcoin holdings have grown to 632,457 BTC. At the current exchange rate, this converts to almost $71.1 billion, which is nearly 53% above the company’s cost basis of $46.5 billion.

The profit-loss balance of the Bitcoin holdings isn’t the only thing the firm is doing well on. As Saylor shared in an X post, Strategy has shown an impressive stock performance as well.

Strategy Bitcoin

The performance of MSTR against other asset classes in terms of annualized returns | Source: @saylor on X

“Five years ago, $MSTR adopted the Bitcoin Standard. Since then, we’ve outperformed every asset class and every Magnificent 7 stock,” explains the Strategy chairman. The success of Saylor’s firm started a trend of other companies also adopting a BTC treasury strategy.

An example of this is Japan’s Metaplanet. Led by president Simon Gerovich, the firm has consistently been buying BTC much like Strategy. On Sunday, Gerovich unveiled a fresh purchase of 103 BTC ($11.7 million), which took the company’s reserve to 18,991 BTC (acquired for a total of $1.95 billion).

The treasury strategy wave has now expanded into the altcoins, with SharpLink being a prominent example. The firm’s Ethereum holdings currently sit at 740,760 ETH. Now, news has come out that Galaxy Digital, Jump Crypto, and Multicoin Capital are planning a $1 billion Solana accumulation spree for a SOL treasury.

Related Reading: Retail Is Leaving Bitcoin: What Happened Last Time?

In some other news, the CryptoQuant Bull Score Index is currently flagging the market as entering a bearish phase, as explained in an X post by Julio Moreno, CryptoQuant’s head of research. The Bull Score Index combines different on-chain metrics to determine what part of the cycle Bitcoin is in right now.

Bitcoin Bull Score Index

The trend in the BTC Bull Score Index over the past year | Source: @jjcmoreno on X

As displayed in the above chart, the Bitcoin indicator has gone down recently. “The Bull Score Index is now at 40 and switched to the ‘Getting Bearish’ phase,” notes Moreno.

BTC Price

Bitcoin’s bearish form has continued during the past day as its price has dropped to the $110,900 level.

Bitcoin Price Chart

Looks like the price of the coin has been on the way down recently | Source: BTCUSDT on TradingView
Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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