Breaking: Michael Saylor’s Strategy Adds 850 BTC As Bitcoin and MSTR Fall

Boluwatife Adeyemi
2 hours ago Updated 22 minutes ago
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Saylor and Strategy's logo

Highlights

  • Strategy bought 850 Bitcoin between September 15 and 21.
  • Michael Saylor had hinted about the purchase yesterday.
  • Bitcoin and MSTR are down amid this development.

Strategy has continued to double down on its BTC accumulation spree as the company has announced another weekly Bitcoin purchase. This comes amid the significant declines in the flagship crypto and the MSTR stock, which has dropped to a five-month low.

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Strategy Acquires 850 BTC for $99.7 Million

In a press release, the company announced that it had acquired 850 BTC for $99.7 million at an average price of $117,344 per Bitcoin. It has also achieved a BTC yield of 26% and now holds 639,835 BTC, which it acquired for $47.33 billion at an average price of $73,971 per Bitcoin.

The SEC filing shows that Strategy sold MSTR and STRF shares to fund this purchase. It raised $80.6 million and $19.4 million from the MSTR and STRF sales, respectively.

Strategy's SEC Filing
Source: Strategy’s SEC filing

Strategy’s co-founder, Michael Saylor, had hinted about the purchase in an X post yesterday, stating that “The Orange Dots go up and to the right.” This again indicated that Saylor and his company plan to continue accumulating more BTC and have no intention to sell.

It is worth noting that this marks the company’s eighth consecutive weekly Bitcoin purchase in a period that spans back to the end of July. Last week, the company added 525 BTC for $60 million, which is one of its smallest weekly purchases this year.

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MSTR Stock and Bitcoin On The Decline

Strategy’s latest BTC purchase comes amid a decline in the MSTR stock and Bitcoin. TradingView data shows that the stock is currently trading at around $336, down over 2% from last week’s closing price of $344.

MSTR Daily Chart
Source: TradingView; MSTR Daily Chart

The MSTR stock has traded sideways over the last month, recording a gain below 2%. Meanwhile, as CoinGape reported, the Strategy stock hit a five-month low of $323 per share last week. A positive is that the stock is still up 14% year-to-date.

The Bitcoin price is also down at the moment. TradingView data shows that the flagship crypto is currently trading just below the psychological $113,000 level, down over 2% in the last 24 hours.

Bitcoin Daily Chart
Source: TradingView; Bitcoin Daily Chart

This comes amid a broader crypto market crash, which is believed to be due to several macroeconomic factors, including the rise in U.S. Treasury yields. Bitcoin and Strategic critic Peter Schiff has predicted that BTC could still drop below $100,000 as gold rallies to $4,000.

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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.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

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.

About Author
About Author
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.
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.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.