Strategy, led by Michael Saylor, has once again expanded its Bitcoin reserves. Although Bitcoin weakened sharply last week and briefly fell to the $60,000 mark, the company bought significantly higher than where the market traded most of the time.
You may like: MadisonSix: the path to cryptocurrencies
Another purchase without lowering the average price
According to data published in a filing with the US Securities and Exchange Commission (SEC), Strategy purchased 1,142 BTC last week for approximately $90 million. The average purchase price for this transaction was approximately $78,815 per Bitcoin, well above the levels at which BTC traded for most of the week.
The current purchase did not lower the overall average price of the company’s entire Bitcoin position, which now stands at around $76,056 per BTC. The company’s total holdings thus increased to 714,644 BTC, purchased for approximately $54.35 billion.
Don’t miss: FX Junction
The market is debating timing, history is repeating itself
The market’s attention was primarily drawn to the fact that Strategy was buying near the $79,000 level, while Bitcoin has been trading significantly lower for several days and has not been able to return above the $72,000 mark since last week. This is the second purchase in this cycle where the company is buying BTC above its average purchase price.
Strategy experienced a similar scenario during the bear market in 2022, when Bitcoin fell below its average purchase price at the time. The company slowed down the pace of accumulation at the time but continued at a smaller volume. Current developments thus indicate that Saylor’s strategy remains firmly long-term, even at the cost of missing the short-term market bottom.
Read more: Monero: Cryptocurrency for privacy and freedom
