Michael Saylor’s Strategy has just announced a new Bitcoin purchase, suggesting the price dip hasn’t stopped the company from buying more.
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.
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.
“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.
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.
Bitcoin’s bearish form has continued during the past day as its price has dropped to the $110,900 level.
