Breaking: Strategy Buys 196 Bitcoin as Michael Saylor Says ‘Always Be Stacking’

Boluwatife Adeyemi
2 hours ago
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An image of Michael Saylor and the Strategy logo

Highlights

  • Strategy bought 196 Bitcoin between September 22 and 28.
  • This marks the company's ninth consecutive Bitcoin purchase.
  • The MSTR stock is up almost 2% amid this development.

Strategy, previously MicroStrategy, has announced another weekly Bitcoin purchase, despite the decline in the flagship crypto and MSTR stock. The company’s co-founder, Michael Saylor, has already suggested that they plan to continue ‘stacking’ more BTC, even if it comes at the expense of their stock.

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Strategy Acquires 196 BTC For $22 Million

In a press release, the company announced that it had acquired 196 BTC for $22.1 million at an average price of $113,048 per Bitcoin. It now holds 640,031 BTC, which it acquired for $47.35 billion at an average price of $73,983 per Bitcoin.

Strategy again sold MSTR shares alongside STRF and STRD shares to fund this BTC purchase. It raised $116.4 million, $11.3 million, and $400,000 from the sales of these stocks, respectively, but only used $22 million of the net proceeds to buy Bitcoin.

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

Michael Saylor had hinted about the purchase yesterday in his conventional Sunday X post. This time around, he simply said, “Always ₿e Stacking,” indicating that they had bought more BTC during the week and possibly alluding to their plans to keep buying more BTC despite the current market conditions.

Notably, this marks Strategy’s ninth consecutive weekly Bitcoin purchase, with the most recent ones coming amid the decline in the Bitcoin price and MSTR stock. Saylor and his company have also made these purchases despite criticism about how they turned back on their word not to sell the common stock to fund BTC purchases with the mNAV at the current level.

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MSTR Pare YTD Gains To 3%

Amid these purchases, MSTR has almost all its year-to-date (YTD) gains, currently boasting a YTD gain of just 3%. The stock had risen to as high as $455 earlier this year but is now trading just above $300.

As CoinGape reported, the Strategy stock had dropped below $300 last week, following Bitcoin’s decline to around $108,000. However, it has since bounced alongside BTC, with the stock closing last week at around $309.

Meanwhile, TradingView data shows that the MSTR stock is up almost 2% today from its last week’s close. The stock is currently trading at around $314, with these gains coinciding with Bitcoin’s break above $112,000 today.

MSTR Daily Chart
Source: TradingView; MSTR Daily Chart
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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.