Web3 & Crypto

Bitcoin Addiction? Michael Saylor Buys 15,355 BTC More

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Strategy has bought 15,355 Bitcoin tokens at a cost of $1.42 billion, its second huge acquisition in two straight weeks. The executive chairman of the company, Michael Saylor, revealed the acquisition via social media Monday.

The move further solidifies Strategy as the biggest corporate holder of the cryptocurrency, with its current holding now standing at 553,555 Bitcoin worth about $52 billion.

Strategy Shells Out Premium Price For New Bitcoin Haul

Strategy purchased the newest Bitcoin at an average price of $92,737 per coin, based on Saylor’s declaration. This is well above their total average cost of $68,459 per BTC. The acquisition is coming after what looks to be a monthly cycle where Strategy conducts its largest purchases towards the tail-end of every month.

The firm, which rebranded from MicroStrategy and diversified away from business intelligence and towards crypto development, purchased Bitcoin three times in the last five weeks. The reports indicate this forceful buying strategy has been successful so far as their holdings have delivered a 14% return year to date.

Source: Strategy

Strategy’s Crypto Holdings Dwarf Other Corporate Investors

The value of Strategy’s Bitcoin holdings places it well ahead of other publicly traded companies that invest in the cryptocurrency. According to figures from Bitcoin Treasuries, Strategy currently owns 505,955 more BTC than runner-up Marathon Digital and 522,055 more than third-placer Twenty One Capital.

BTC is now trading at $94,712. Chart: TradingView

Strategy has invested nearly $38 billion in total on its crypto purchases. With the value of their holdings standing at over $50 billion currently, the firm has an unrealized profit of $14 billion. This profit is on paper alone until the company sells some of its holdings.

End-Of-Month Buying Pattern Emerges

A cryptocurrency expert known as J.A. Maartunn of CryptoQuant pointed out Strategy’s habit of making its biggest buys at the end of the month. The firm acquired 20,365 Bitcoin ($1.99 billion) in late February and 22,048 Bitcoin ($1.92 billion) in late March, with this latest April buy following the same trend.

Between these huge end-of-month purchases, Strategy’s purchases were never more than 7,000 BTC, validating the analyst’s comment on the company’s purchasing behavior. This trend implies the company could keep making substantial purchases in subsequent months.

Featured image from Unsplash, chart from TradingView


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