- Publicly traded company Strategy acquired 10,624 Bitcoin for $962.7 million last week.
- The business now holds 660,624 BTC, purchased at an average of $74,696 per coin.
Strategy Executive Chairman Michael Saylor did it again. After a cryptic post hyping another possible big Bitcoin (BTC) purchase announcement on Sunday, his company followed up with a mind-blowing disclosure on Monday, saying that it had secured 10,624 BTC for $962.7 million last week.
Details of Strategy’s New Bitcoin Purchase
The company’s latest buy came at an average of $90,615 per BTC. It executed the transactions between December 1 and 7 as Bitcoin swung between an $84K low and $94K high.
The business funded its new batch of Bitcoin purchases with the net proceeds from its MSTR Class A Common Stock and 10% Series A Perpetual Stride (STRD) Preferred Stock offerings, totaling $928.1 million and $34.9 million, respectively.
The development raises Strategy’s digital asset portfolio to 660,624 BTC. Meanwhile, its year-to-date (YTD) BTC yield slightly improved from last week’s 24.6% to 24.7%, indicating its success in accumulating Bitcoin without significant capital impairment. So far, the company has already spent $49.35 billion in building its Bitcoin war chest. This translates to an average of $74,696 per BTC.
With Bitcoin’s price action between a $87,799.56 low and a $92,267.11 high in the last 24 hours heading to Monday noon, Strategy’s haul sits around $58 billion to $60.95 billion. Hence, it still has unrealized profits of $8.66 billion to $11.6 billion within the period.
Many in the crypto community breathed a sigh of relief with Strategy’s move. For them, the near-billion-dollar purchase serves as a strong show of the digital asset treasury company’s unwavering conviction in the world’s top crypto asset, which also helped suppress the FUD suggesting it may be looking to sell some of its BTC following the statement of its CEO, Phong Le.
Moreover, Strategy has been at the center of discussion recently as pundits are spreading rumors about its possible removal from the next MSCI and Nasdaq index rebalancing, which could trigger passive fund outflows.
Saylor in Talks with Sovereign Wealth Funds, Banks, and Fund Managers
Amid the mix of optimism and FUD across the Bitcoin and broader crypto market, Saylor made an explosive revelation, claiming that he has been meeting with a hundred of sovereign wealth funds, investors, hedge funds, family offices, banks, fund managers, and regulators. According to him, the talks mostly centered on how they could fully harness the potential of digital capital, Bitcoin.
Saylor’s strategic act reinforces Bitcoin’s further encroachment on mainstream traditional finance. Analysts believe it could lead to more institutional flows, which would eventually translate into a massive price discovery for the digital asset in the future.
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