Michael Saylor’s Strategy has announced a new Bitcoin buy involving 850 BTC shortly after the cryptocurrency’s price tumbled below $113,000.
After this purchase, the company holds a total of 639,835 BTC at a cost basis of $47.33 billion. At the current BTC price, the firm’s treasury is worth $72.47 billion, putting it into a gain of around 53%.
The announcement of Strategy’s acquisition has come following a plunge in the BTC price. It doesn’t correspond to dip buying, though, as the average price of the coins suggests the buy occurred around the asset’s recent high.
Metaplanet’s purchase has been significantly larger than Strategy’s, involving 5,419 BTC bought for a total of $632.53 million or $116,724 per coin. In fact, the buy is the largest in the firm’s history so far.
Before the latest purchase, Metaplanet held 20,136 BTC, making it the sixth largest company behind Bullish. Now, the firm has overtaken Bullish with treasury holdings amounting to 25,555 BTC.
While the company’s latest acquisition has outshined Strategy’s, the latter still continues to be by far the most dominant Bitcoin treasury in the world, with the difference to second-largest Mara Holdings being a whopping 587,358 BTC (about $66.42 billion).
The Apparent Demand measures the difference between the daily amount of Bitcoin being mined and net change in the 1-year inactive supply. From the chart, it’s visible that the 30-day value of the metric is currently sitting at a notable positive level of 95,800 BTC.
“This sustained buying interest is keeping prices pinned near the upper boundary of the range, even as short-term bearish pressure builds in the futures market,” notes Adler Jr.
At the time of writing, Bitcoin is floating around $113,000, down more than 1% over the last seven days.
