Strategy has just revealed its latest Bitcoin buy, its largest in a while and an indication that the price crash hasn’t scared away the BTC hoarder.
Saylor had also been doing other teasing for this purchase, like writing on Friday, “We bought bitcoin every day this week.” And indeed, the buy has turned out to be a big one.
In total, Strategy has added 8,178 tokens to its holdings with this purchase, spending $835.6 million. According to the filing with the US Securities and Exchange Commission (SEC), the acquisition was funded alongside $136.1 million in sales of the company’s STRF, STRC, and STRK at-the-market (ATM) stock offerings.
Strategy has been a consistent buyer of BTC in recent months, but lately, the firm was only making small purchases, making it look like its accumulation was slowing down. The latest buy, however, has broken the pattern.
It’s the largest Bitcoin acquisition that the company has completed since July 29th, when it made a monster purchase of 21,021 BTC for $2.46 billion. Back then, market conditions were completely different, with BTC having hit fresh highs just earlier that month.
The latest purchase, on the other hand, has come while the market has been facing significant bearish momentum, making it an especially bold one. So far, though, the bet hasn’t worked out, as BTC has only continued to slide lower.
The new $835 million round of accumulation occurred in the period between November 10th and 16th, and involved an average coin price of $102,171. BTC’s current value is down more than 8.5% compared to this mark.
Following the acquisition, Strategy owns a total of 649,870 BTC, with a cost basis of $48.37 billion. At the moment, the company’s treasury is worth $60.6 billion, putting it in a profit of 25%. Thus, while Bitcoin may have been going down, the firm still has room to absorb further downside.
At the time of writing, Bitcoin is floating around $92,700, down more than 12% over the last seven days.
