Strategy Scoops Up 8,000 BTC Amid Crypto Market Weakness – Its Largest Purchase Since July
Synopsis
Executive chairman Michael Saylor had teased that the company is buying “a lot” of Bitcoin on Friday in an interview with CNBC.
Strategy (MSTR) announced on Monday that it purchased more than 8,000 Bitcoin (BTC) over the past week as the cryptocurrency’s price fell below $100,000.
This purchase represents the company’s largest Bitcoin acquisition since July, when it bought 21,021 BTC. During September and October, Strategy mostly executed smaller, three-digit Bitcoin purchases.
MSTR’s stock fell more than 2% in pre-market trade, but retail sentiment on Stocktwits trended in ‘bullish’ territory amid ‘high’ levels of chatter over the past day.
The company said it had acquired 8,178 Bitcoin for $835.6 million, bringing its total Bitcoin holdings to 649,870. Strategy’s most recent purchase was made at an average price of $102,171 per Bitcoin.
Executive chairman Michael Saylor had teased that the company is buying “a lot” of Bitcoin on Friday in an interview with CNBC. “We are buying. We're buying quite a lot, actually,” he said. “In fact, we've been accelerating our purchases.”
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Read also: Bitcoin Price Struggles While Crypto Liquidations Top $500 Million – Analyst Flags Retail Pressure
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