Bitcoin News

Breaking: Strategy (MSTR) Makes 12th Consecutive Weekly Purchase With $531M Bitcoin Buy

Strategy, previously MicroStrategy, has announced another Bitcoin purchase, its 12th in as many weeks while the MSTR stock has rebounded.
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Breaking: Strategy (MSTR) Makes 12th Consecutive Weekly Purchase With $531M Bitcoin Buy

Highlights

  • Strategy has extended its weekly Bitcoin streak following another purchase between June 23 and 29.
  • The firm acquired 4,980 BTC for $531.9 million at an average price of 106,801 per BTC.
  • The company's co-founder Michael Saylor hinted about the purchase yesterday.
  • The MSTR stock is up almost 2% in pre-market trading amid this announcement.

Strategy, previously MicroStrategy, made another Bitcoin purchase between July 23 and 30, extending the company’s weekly BTC purchase streak, which began in April, to a record 12 weeks. Meanwhile, the MSTR stock is up from its weekly close of $383 last week and is looking to reclaim the $400 level.

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Strategy Acquires 4,980 BTC for $531.9 Million

In a press release, the company announced that it acquired 4,980 BTC for $531.9 million at an average price of $106,801 per Bitcoin. It has also achieved a BTC yield of 19.7% year-to-date (YTD). The firm now holds 597,325 BTC, which it acquired for $42.40 billion at an average price of $70,982 per BTC.

This is Strategy’s 12th consecutive weekly purchase in as many weeks, tying a similar record, which it achieved between November last year and early February this year. Meanwhile, the latest purchase follows its second-smallest BTC purchase this year, having acquired 245 BTC for $26 million two weeks ago.

The company’s co-founder, Michael Saylor, had, in his usual manner, hinted at the Bitcoin purchase when he posted the MicroStrategy BTC portfolio tracker on his X platform yesterday. He made the post with the caption, “In 21 years, you’ll wish you’d bought more.”

Source: Michael Saylor’s X

Saylor and Strategy continue to bet big on Bitcoin, with the company showing no signs of slowing down as it continues to offer BTC-backed securities to raise capital for more purchases.

However, this bet has paid off so far. As CoinGape reported, the Bitcoin bet recently hit $21.3 billion in unrealized gains and continues to soar with every BTC rally. Saylor predicts that the Bitcoin price will rally to $21 million in the next 21 years.

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The Positive Impact On The MSTR Stock

The Bitcoin bet has also reflected positively on the MicroStrategy stock, which has been the best-performing major asset since the company adopted this strategy in 2020. MarketWatch data show that the MSTR stock has also increased by over 181% in the last year.

Meanwhile, the MSTR stock is up from its weekly close last week and looking to reclaim the psychological $400 price level. TradingView data shows that the stock is up almost 2% in pre-market trading, trading at around $390.

Source: TradingView

It is worth mentioning that Strategy raised eyebrows after the company transferred $796 million BTC to three new wallets yesterday. However, on-chain analytics platform Lookonchain noted that this move is likely for improved custody rather than to sell.

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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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