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Breaking: Michael Saylor’s Strategy Buys 10,645 Bitcoin as Crypto Market Braces for Japan Rate Hike

Boluwatife Adeyemi
2 hours ago Updated 52 minutes ago
Boluwatife Adeyemi is a well-experienced crypto news writer and editor with a focus on macro topics, crypto policy and regulation and the intersection between DeFi and TradFi. 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.
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights 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.
An image of Michael Saylor and the Strategy logo

Highlights

  • Strategy bought 10,645 Bitcoin between December 8 and 14.
  • The MSTR stock is trading flat amid this announcement.
  • Crypto market investors anticipate another downturn with Japan likely to raise interest rates this week.

Michael Saylor’s Strategy, previously MicroStrategy, has made another weekly Bitcoin purchase, even as the crypto market continues its decline. This latest purchase comes amid a potential Japan rate hike, which could extend BTC’s year-to-date (YTD) loss and also negatively affect MSTR stock.

Strategy Acquires 10,645 For $980.3 Million

An SEC filing showed that the company acquired 10,645 BTC for $980.3 million at an average price of $92,098 per Bitcoin. It has now achieved a BTC yield of 24.79% year-to-date (YTD) and holds 671,268 BTC, which it acquired for $50.33 billion at an average price of $74,972 per Bitcoin.

Strategy SEC Filing
Source: Strategy SEC Filing

The SEC filing also shows that Strategy made this purchase with net proceeds from the STRK, STRD, and MSTR shares. It raised $600,000, $82.2 million, and $888.2 million from these stock sales, respectively.

As CoinGape reported yesterday, Saylor had signaled another Strategy Bitcoin purchase in his conventional Sunday X post. He captioned the post, “₿ack to More Orange Dots,” indicating that they had bought more BTC.

Notably, this purchase tops the purchase from two weeks ago, when the company acquired 10,624 BTC for $962.7 million. These last two purchases are the largest since July, when it acquired $2.46 billion worth of BTC.

Furthermore, MSTR stock sales accounted for most of the proceeds from the At-The-Market (ATM) program, which Strategy used to fund both purchases. These MSTR share sales have notably increased since the company set up the USD reserve, which it suggested offset the need to sell its BTC holdings even if their mNAV drops below 1x.

Doubling Down Despite Potential Headwinds

These purchases come amid uncertainty over a potential MSCI exclusion due to its Bitcoin treasury holdings. Saylor’s company has already requested that MSCI withdraw its proposal to exclude digital-asset treasuries that hold over 50% in crypto from its global indexes.

Strategy has also continued to double down on its Bitcoin accumulation amid concerns of a bear market, which threatens to send the BTC price spiraling. CoinGape reported that Bitcoin is at risk of a drop to as low as $70,000 with the Bank of Japan likely to raise interest rates this week.

A potential decline in the BTC price is bearish for the MSTR stock, which shares a strong positive correlation with the flagship crypto. The stock is notably down over 24% in the last month amid Bitcoin’s decline below $100,000.

Meanwhile, TradingView data shows that the Strategy stock is currently trading flat amid the company’s announcement of its latest Bitcoin purchase. The stock is trading at almost $177 in pre-market after last week’s close of $176.

MSTR Daily Chart
Source: TradingView; MSTR Daily Chart
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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
Boluwatife Adeyemi is a well-experienced crypto news writer and editor with a focus on macro topics, crypto policy and regulation and the intersection between DeFi and TradFi. 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.
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