- Strategy recently topped up its Bitcoin treasury with a 3,081 BTC purchase for $356.9 million.
- The publicly traded company now owns 632,457 BTC, controlling over 3% of the digital asset’s limited supply.
- A White House official is overly bullish on Bitcoin, stating there won’t be any bear market for it in the foreseeable future.
Strategy (formerly MicroStrategy) appears to be back in the grind. After missing out on its first week of August Bitcoin (BTC) purchase and cautious buying behavior in the following weeks, it has recently rebounded with an impressive 3,081 BTC acquisition.
The latest batch of transactions cost the publicly traded company $356.9 million at an average of $115,829 per BTC.
Strategy Increases Holdings to 632,457 Bitcoin
According to its Form 8-K filing on Monday, Strategy funded its Bitcoin purchases last week with the proceeds of its MSTR (class A common stock), STRK (series A perpetual strike preferred stock), STRF (series A perpetual strife preferred stock), and STRD (series A perpetual stride preferred stock) offerings.
The move elevates the digital asset treasury of Strategy to 632,457 BTC, which has relatively raised its BTC yield to 25.4% year-to-date (YTD). So far, it has already spent around $46.50 billion in its Bitcoin-centric scheme. Meanwhile, the business intelligence platform has increased its control over BTC’s 19.91 million circulating supply to roughly 3.18%, or 3.01% of the digital asset’s 21 million supply cap.
It’s worth noting that despite its aggressive accumulation even during near all-time high prices, the company has managed to keep its dollar cost average (DCA) purchase at $73,527 per BTC. This is just a $207 increase from its previous disclosure.
White House Crypto Adviser Says No Bitcoin Bear Market for Years
Amid BTC’s significant correction today, David Bailey, the founder of Bitcoin Magazine and crypto adviser to the White House, boldly stated that there won’t be another Bitcoin bear market for several years. He believes the strong institutional demand for the premier digital asset will be enough to sustain BTC’s price climb.
In addition, the White House official is confident that more sovereign, bank, insurer, corporate, pension, and institution will stack up on Bitcoin. Then, he claimed that the trend is only starting, as BTC’s institutional adoption hadn’t even covered 0.1% of its total addressable market (TAM).
Some commenters to Bailey’s post questioned why Bitcoin’s price has remained suppressed despite all the attention and adoption it’s getting as of late. The founder of Bitcoin Magazine answered that its wild fluctuations are mainly due to the liquidation of leveraged positions in futures and options markets.
Nevertheless, Bailey stood his ground that such volatility is only short-term, and BTC’s long-term trajectory is still bullish.
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