Breaking: Strategy Adds 525 BTC as Michael Saylor Says Bitcoin Deserves ‘Credit’

Strategy, previously MicroStrategy, has made another weekly purchase amid Michael Saylor's praise of the flagship crypto.
By Boluwatife Adeyemi
An image of Michael Saylor, Strategy and Bitcoin's logos

Highlights

  • Strategy bought more Bitcoin between September 8 and 14.
  • This marks the company's seventh weekly consecutive purchase.
  • The MSTR stock is trading flat amid this development.

Strategy, previously MicroStrategy, has made its seventh consecutive weekly Bitcoin purchase. This comes amid the dip in the BTC price and MSTR stock, while Michael Saylor credited the flagship crypto for his company’s outperformance over the years.

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Strategy Acquires 525 BTC For $60 Million

In a press release, the company announced that it had acquired 525 BTC for $60.2 million at an average price of $114,562 per Bitcoin. It has also achieved a BTC yield of 25.9% and now holds 638,985 BTC, which it acquired for $47.23 at an average price of $73,913 per Bitcoin.

This follows Michael Saylor’s conventional Sunday X post, in which he hinted at another Strategy Bitcoin purchase. In his post, he simply said “Bitcoin deserves credit” while spotlighting his company’s BTC portfolio tracker. Saylor had also earlier credited BTC for MSTR’s outperformance over the ‘Mag 7’ stocks.

The SEC filing shows that the company didn’t sell MSTR shares this time around to fund this Bitcoin purchase. Instead, it sold STRF, STRK, and STRD shares, raising $34 million, $17.3 million, and $16.9 million, respectively.

An image of Strategy's SEC filing
Source: Strategy SEC Filing

Meanwhile, this marks Strategy’s seventh consecutive weekly purchases. Last week, the company announced its acquisition of 1,955 BTC for $217.4 million, which came amid the S&P 500 snub.

The Strategy stock is trading flat in premarket amid this development. TradingView data shows that the stock is currently trading at around $331, the same level as last week’s closing price.

MSTR Daily Chart
Source: TradingView; MSTR Daily Chart

The MSTR stock is also down in the last five days and by over 16% in the last month. This has come amid the sideways movement of Bitcoin, which is down from its all-time high (ATH) of $124,000, which it hit last month.

 

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Boluwatife Adeyemi
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.
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