Strategy Buys 8,178 BTC Despite Crypto Bear Market Fears

Michael Saylor’s Strategy has bought 8,178 more Bitcoins this week, boosting its holdings even as fears of a deeper crypto bear market grow.

This latest purchase comes despite concerns that the crypto market is entering a bear phase, with MSTR also dropping alongside Bitcoin. The company bought the BTC for about $835.6 million, paying roughly $102,171 per coin. Overall Strategy owns 649,870 Bitcoins acquired for $48.37 billion at an average price of $74,433 per Bitcoin and has achieved a 27.8% BTC yield this year.

Strategy paid for the Bitcoin purchase using $704 million raised from the STRE offering and $136.1 million secured from selling STRF, STRC, and STRK shares. This marks the company’s largest Bitcoin purchase since July, when it bought $2.46 billion worth of BTC. 

The news about the purchase was hinted at by Michael Saylor, the company’s CEO and co-founder, when he shared their BTC portfolio with the caption “Big week”. Saylor also confirmed that the company had bought Bitcoin every day last week and denied rumours that it was selling BTC following the price drop to $94,000.

Strategy Stock Hits New Lows as Bitcoin Drops

MSTR stock continues to fall, having closed last week’s session below $200, and is currently trading around $194, down nearly 3% today. The stock has dropped 10% over the past 5 days and 34% in the last month.

Despite the stock falling below the company’s Bitcoin holdings, Saylor and Strategy continue to acquire Bitcoin and show no sign of slowing down.

Trader Peter Brandt has raised concerns over the current market conditions, cautioning that Bitcoin might already be in a bear market and could fall below Strategy’s average purchase price.