Michael Saylor’s Strategy Resumes Bitcoin Buying With $27.2M Purchase
Strategy has bought another $27.2 million worth of BTC after recently pausing purchases.
According to an X post made by the company’s Executive Chairman Michael Saylor, Strategy acquired 220 BTC in its latest purchase at an average price of $123,561 per Bitcoin.
With BTC trading at $114,571.69 as of 8:43 a.m. EST, Strategy’s most recent acquisition is already in the red. Despite managing a recovery in the past 24 hours, the crypto king’s price is still more than 7% down on the weekly time frame.
That correction in the past week was mainly due to the $20 billion liquidations that hit the market on Friday. This broader market pullback led to the leading crypto briefly falling below $110K.
Strategy BTC Yield Above 25%
The latest acquisitions were made using proceeds from the company’s at-the-market sales of its perpetual Strike preferred stock (STRK), perpetual Strife preferred stock (STRF), and perpetual Stride preferred stock (STRD).
Strategy’s STRK, STRC, STRF, and STRD perpetual preferred stock’s perspective $21 billion, $4.2 billion, $2.1 billion, and $4.2 billion ATM programs are in addition to the company’s “42/42” plan, which aims to raise $84 billion in equity offerings and convertible notes for BTC acquisitions through 2027.
Following the recent purchase, Saylor said that the company’s total holdings now stand at 640,250 BTC. These holdings were acquired for approximately $47.38 billion at an average price of $74K per coin.
Strategy has also achieved a BTC yield of 25.9% year-to-date (YTD), Saylor said in his post. The company’s BTC position has achieved a more than 54% unrealized gain as well, data from Bitcoin Treasuries shows.
While the recent acquisition has cemented Strategy’s position as the largest corporate Bitcoin holder, the news was not enough to boost the company’s share price out of its latest down trend.
According to data from Google Finance, Strategy stock has plummeted over 4% in the last trading session. There was, however, some pre-market trading activity that has elevated the company’s share price over 1%.
Strategy share price (Source: Google Finance)
Zooming out to the weekly time frame shows that Strategy’s stock has shed more than 16% of its value over the past five days.
Strategy Resumes Bitcoin Buys After Pausing Purchases
Strategy’s latest buy comes after Saylor confirmed the company would not announce any new purchases the week before.
This new acquisition is also one of the company’s smallest buys this year, and follows the company’s announcement of a 196 BTC purchase on Sept. 29. The company’s smallest acquisition was performed on March 17, when the firm only bought 130 BTC.
Since then, the amount of Bitcoin purchased with each buy has fluctuated in the thousands, according to Strategy’s website.
The largest purchase happened on March 31, when the company announced the acquisition of 22,048 BTC for around $1.918 billion.
Since the middle of September, however, Strategy’s purchases have been for less than 1K BTC.
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