Breaking: Michael Saylor’s Strategy Buys $43M In Bitcoin After 1-Week Pause

Kritika Mehta
Updated
Kritika boasts over 4 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.
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Breaking: Michael Saylor's Strategy Buys $43M In Bitcoin After 1-Week Pause

Highlights

  • Michael Saylor announced today that Strategy has restarted its Bitcoin buying activity.
  • The firm recently bought around $43 million worth of Bitcoin.
  • The company now holds a BTC reserve valued at over $66 billion.

Strategy’s Executive Chairman Michael Saylor has announced that the firm has officially resumed its Bitcoin buying spree. In a Monday post, he revealed that the Bitcoin treasury firm bought over $40 million worth of BTC recently.

Michael Saylor Announces Fresh Bitcoin Purchase By Strategy

According to a recent filing, Strategy has acquired 535 BTC for $43.0 million. This acquisition was made at an average price of $80,340 per Bitcoin. The purchase comes after the company previously paused its BTC buying last week ahead of its May 5 earnings report.

Moreover, it’s worth noting that the company has achieved BTC Yield of 9.4% in the year-to-date timeframe. As of May 10, Michael Saylor noted that Strategy’s is holding a reserve of 818,869 $BTC worth over $66 billion at prevailing prices. This massive stash was acquired for $61.86 billion at $75,540 per coin.

The company is expected to have used proceeds from the MSTR stock’s ATM offering. Last week, it announced raising $82 million via the at-the-market stock sale, which was sufficient to acquire more than 1,000 BTC at the time.

However, the Michael Saylor-backed firm chose not to use these proceeds to buy Bitcoin as it paused acquisitions last Monday. Hence, a part of these funds could have been channeled in the purchase announced today.

Scale of Purchases Remains Low

Earlier, Michael Saylor hinted at such an acquisition move with his “Back to work” post on X. On Sunday, May 11, he made a social media post, which also contained the Orange Dots chart that tracks Strategy’s BTC purchases to date.

It immediately sparked hopes of the company resuming Bitcoin acquisitions. With today’s announcement, these speculations have been verified. However, the scale of purchases still remains very low, dropping more than 83% from the last purchase.

Earlier, on April 27, the company downscaled its BTC acquisition by nearly 90%. At that time, it bought $255 million in Bitcoin. Though the amount was significant, it was way lesser than April 20’s purchase of a whopping $2.54 billion worth of BTC.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

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About Author
About Author
Kritika boasts over 4 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.