Breaking: Michael Saylor’s Strategy Buys 8,178 Bitcoin Despite Crypto Bear Market Jitters

Strategy has made another weekly Bitcoin purchase, extending its current streak of consecutive purchases, which dates back to early October. Meanwhile, this latest purchase comes despite concerns that the crypto market may already be in a bear market, with the MSTR stock also feeling the BTC decline.

Strategy Buys 8,178 BTC For $836 Million

According to an SEC filing, the company announced that it acquired 8,178 BTC for $835.6 million at an average price of $102,171 per Bitcoin and has achieved a BTC yield of 27.8% year-to-date (YTD). It now holds 649,870 BTC, which it acquired for $48.37 billion at an average price of $74,433 per Bitcoin.

Strategy funded these Bitcoin purchases with proceeds from the STRE offering and the sale of shares of STRF, STRC, and STRK. The company raised $704 million from the STRE offering and $136.1 million from the sale of the other stocks. This marks the company’s largest BTC purchase since July, when it bought $2.46 billion worth of Bitcoin, its largest this year.

As CoinGape reported, Michael Saylor hinted at the Bitcoin purchase yesterday in his conventional Sunday post. He posted the company’s BTC portfolio tracker with the caption ‘Big week.’

Meanwhile, before then, Saylor had also revealed that Strategy had bought Bitcoin every day last week. This came as he denied rumors that his company was selling BTC following last week’s crash, which saw it drop to as low as $94,000.

The MSTR Stock Crash

This latest purchase also comes despite the massive crash in the MSTR stock, with the stock’s value now below the value of the company’s Bitcoin holdings. Veteran trader Peter Brandt recently warned that BTC could drop below the company’s average purchase price.

Saylor and Strategy have so far shown no intention of slowing down on Bitcoin purchases despite current market conditions. There are concerns that BTC may already be in a bear market, but it remains to be seen how low the flagship crypto could drop.

The MSTR stock has continued its decline in premarket today, having closed last week’s session below the $200 psychological level. TradingView data shows that the stock is trading at around $194, down almost 3% today. The stock is also down over 10% in the last 5 days and 34% in the last month.