Crypto
Strategy Buys More Bitcoin, But BTC Price Prediction Remains Bearish
Strategy purchased 1,550 Bitcoin (BTC) for approximately $101 million between June 1 and June 7.
BLOCKINSIDERLoadingStrategy purchased 1,550 Bitcoin (BTC) for approximately $101 million between June 1 and June 7.
Quick Take:
Largest corporate holder of Bitcoin, Strategy, has continued its Bitcoin buying streak. They recently added another 1,550 BTC to its balance sheet despite ongoing market weakness.
In a recent press release, Michael Saylor, the founder of Strategy announced that the company spent approximately $101 million on the latest BTC purchase. This increased Strategy's total Bitcoin holdings to 845,256 BTC.
The acquisition makes Strategy an even larger force in the Bitcoin market, with the company now controlling roughly 4% of the cryptocurrency's maximum. BTC’s max supply is fixed at 21 million BTCs.
According to the company's announcement, the 1,550 BTC were purchased between June 1 and June 7 at an average price of $65,332 per Bitcoin.
The latest purchase comes shortly after speculation emerged around a small sale of 32 BTC. While that transaction raised questions among some investors, the new acquisition reinforces Strategy's long-term accumulation strategy.
Michael Saylor, confirmed the purchase in a public statement, saying the company had increased both its Bitcoin reserve and its cash position over the past week.
With the latest acquisition, Strategy's Bitcoin treasury has grown to 845,256 BTC.
At current market levels, the holdings represent one of the largest corporate Bitcoin positions in history. The company now owns approximately 4% of Bitcoin's total fixed supply, a figure that continues to grow as Strategy adds more coins during market corrections.
The company has consistently used share sales and financing activities to fund Bitcoin purchases, allowing it to expand its reserves even during periods of price volatility.
Alongside the Bitcoin purchase, Strategy revealed that it increased its U.S. dollar reserve by $100 million.
The company's total cash reserve now stands at $1 billion, providing additional liquidity for future operations and potential Bitcoin acquisitions.
The stronger cash position may also help Strategy continue its accumulation strategy if Bitcoin experiences further price declines in the coming months.
Despite holding an unrealized paper loss on part of its Bitcoin portfolio, Strategy has shown no signs of slowing its purchases. The company's average acquisition cost across its holdings is estimated at around $75,680 per Bitcoin.
Following the news, Bitcoin gained nearly 2% and climbed to around $63,129, while Strategy shares also moved higher in after-hours trading.
However, it’s key to remember that Bitcoin price recently saw a major pullback retreating from the $70,000 zone back. Seems like Strategy is buying low again as they fill their bags with BTC.
This recent purchase doesn’t have any major price impact on Bitcoin as of now but participants expect some respite in the days to come.
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