Breaking: Michael Saylor’s Strategy Adds 705 Bitcoin For $75M, MSTR Stock Rebounds
Highlights
- Strategy acquired 705 BTC between May 26 and June 1.
- The company now holds 580,955 BTC.
- The MSTR is down almost 1% from last week's closing price of $369.
Strategy, previously known as MicroStrategy, made another Bitcoin purchase between May 26 and June. The company bought 705 BTC for $75 million, bringing its total holdings to 580,955. The MSTR stock price remained unchanged following the announcement but has now rebounded at the open of today’s trading session.
Strategy Acquires 705 BTC, MSTR Stock Rebounds
In a press release, Michael Saylor’s company revealed that it has purchased 705 BTC for $75.1 million at an average price of $106,495 per bitcoin. The company has also achieved a BTC yield of 16.9% year-to-date (YTD).
This latest purchase brings Strategy’s Bitcoin holdings to 580,955 BTC, which it acquired for $40.68 billion at an average price of $70,023 per Bitcoin. As CoinGape reported, Michael Saylor had yesterday signaled another Bitcoin purchase when he posted the company’s BTC portfolio tracker.
This is the company’s eighth consecutive weekly purchase. Last week, it acquired 4,020 BTC for $427 million at an average price of $106,237 per Bitcoin. Meanwhile, despite this recent purchase, the MicroStrategy stock is in the red.
Nasdaq data showed that the MSTR stock price dropped almost 1% in pre-market trading, trading at around $366. The stock had closed out last week in the red, trading at around $369. However, the stock has rebounded at the open to today’s market, up almost 2%.
However, the stock is still up over 27% YTD and 126% in the last year. In an X post, Saylor highlighted how the Bitcoin move has worked out well for Strategy, stating, “Your portfolio needs a Strategy.”
He shared an image that showed MSTR has enjoyed the most returns over the last three months among major assets, including Bitcoin. During this period, the MicroStrategy stock has recorded a gain of 44% while BTC is up 22%. The closest stock, TSLA, is up 18% during this period.
Saylor’s company is expected to keep accumulating more BTC in the foreseeable future. As CoinGape reported, the company recently announced plans to raise $2.1 billion for more Bitcoin purchases.
Meanwhile, Saylor recently spoke up against the idea of a proof-of-reserve for the company’s Bitcoin holdings, citing vulnerabilities that it can expose them to. However, following his comments, the on-chain analytics platform Arkham traced and identified wallets holding their BTC holdings.
- Elon Musk’s X Vows Crackdown on Bribery Network Behind Crypto Scam Accounts
- Flare Unveils First XRP-Backed Stablecoin, Boosting XRP’s Utility
- MLP Bets Big on Climate Change: Favours Play-To-Impact, Over Play-To-Earn
- MetaMask to Integrate Hyperliquid’s Perpetuals In-Wallet Following mUSD Launch
- $250 Trillion Could Flow Into Bitcoin If Bond Markets Collapse, Max Keiser Predicts
- Shiba Inu (SHIB) Price Prediction: Massive SHIB Burn and 80-Week Cycle Mirroring Past Rallies: Will History Repeat?
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
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.
