Saylor Goes Deep: $555M Bitcoin Buy Fuels Strategy Comeback

Source Bitcoinist

Strategy, previously referred to as MicroStrategy, has purchased an additional 6,556 Bitcoin in a $555.8 million acquisition. The firm acquired the Bitcoin between April 14 and April 20, spending an average of $84,785 per coin. The latest move takes the company’s total Bitcoin to 538,200 BTC.

Company Now Has Over $36 Billion In Bitcoin

Based on company reports, Strategy has paid around $36.47 billion buying its Bitcoin reserves at an average of $67,766 per coin. The company is still the largest public company to hold Bitcoins, way ahead of rivals such as MARA Holdings.

This is the second straight week Strategy has bought Bitcoin. Two weeks ago, the company acquired nearly 3,460 BTC for over $280 million. The company has also posted a 12% Bitcoin return since the beginning of the year.

Strategy Is Planning To Raise $20 Billion For Additional Buying

The firm has no indication of decelerating its Bitcoin buying strategy. According to reports, Strategy plans to raise over $20 billion from the sale of stock to finance future Bitcoin buys. This aggressive buying persists even as Bitcoin’s relatively flat performance in recent months.

Strategy is not the only one taking a Bitcoin investment strategy. Other institutional buyers are going the same way. Metaplanet just acquired 330 BTC for a little over $28 million, increasing its holding to 4,855 Bitcoin worth close to $500 million. Japanese retail company ANAP has also jumped into the game with a $70 million purchase of Bitcoin.

Stock Price Surges After Announcing Purchase

The announcement of Strategy’s new Bitcoin purchase comes at a time when the company’s stock has risen. Shares of MSTR rose nearly 3% in extended trading to about $325 from Friday’s close at $317.

This share performance seems connected to the recent movements in Bitcoin’s prices. The cryptocurrency has surged to $87,600 as we speak. Observers have pointed out the high positive correlation between MSTR stock and the prices of Bitcoin, which is understandable considering Strategy’s huge exposure to the digital currency.

A few analysts are still wary of Bitcoin’s latest price surge. Crypto analyst Kevin Capital has cautioned that Bitcoin must move above $89,000 to validate a genuine uptrend. Until that happens, he recommends market participants to be wary.

If Bitcoin keeps going up in the next few weeks, Strategy’s stock may also do the same. Company executive chairman and co-founder Michael Saylor has already pointed out in the past that MicroStrategy has posted higher returns than other big assets since implementing its Bitcoin strategy.

The ongoing institutional investment in Bitcoin by companies such as Strategy is indicative of increasing mainstream acceptance of cryptocurrency as a valid asset class despite uncertainties surrounding long-term price stability and regulatory issues.

Featured image from The Star, chart from TradingView

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Ripple’s $21 Trillion Dream: What Capturing 20% Of SWIFT Volume Means For XRPRipple Labs, a crypto payments company, continues to set its ambitions and those of XRP higher than ever as it edges closer to disrupting the global financial messaging giant SWIFT. After Ripple CEO
Author  NewsBTC
7 Month 14 Day Mon
Ripple Labs, a crypto payments company, continues to set its ambitions and those of XRP higher than ever as it edges closer to disrupting the global financial messaging giant SWIFT. After Ripple CEO
placeholder
Fartcoin, SPX6900 Price Prediction: Meme coins eye further gains amid record-high Open InterestsThe Solana-based meme coin market capitalization has jumped 6% over the last 24 hours, reaching $14.64 billion, leading the broader cryptocurrency market's recovery. Fartcoin (FARTCOIN) and SPX6900 (SPX), which edged lower after double-digit gains on Wednesday, are among the top performers.
Author  FXStreet
7 Month 17 Day Thu
The Solana-based meme coin market capitalization has jumped 6% over the last 24 hours, reaching $14.64 billion, leading the broader cryptocurrency market's recovery. Fartcoin (FARTCOIN) and SPX6900 (SPX), which edged lower after double-digit gains on Wednesday, are among the top performers.
placeholder
Ethereum Road To $10,000: Replay Of May’s Playbook Predicts Another BreakoutAfter beating the resistance mounted at the $3,000 by bears for months now, the Ethereum price looks primed for a further breakout. Expectations currently are that the Ethereum price rally will
Author  NewsBTC
7 Month 18 Day Fri
After beating the resistance mounted at the $3,000 by bears for months now, the Ethereum price looks primed for a further breakout. Expectations currently are that the Ethereum price rally will
placeholder
Gold price extends range play amid mixed Fed rate cut cues; downside seems limitedGold price (XAU/USD) struggles to capitalize on the overnight bounce from the $3,309 area, or a one-week low, and oscillates in a narrow trading band during the Asian session on Friday.
Author  FXStreet
7 Month 18 Day Fri
Gold price (XAU/USD) struggles to capitalize on the overnight bounce from the $3,309 area, or a one-week low, and oscillates in a narrow trading band during the Asian session on Friday.
placeholder
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC nears all-time high, ETH eyes $4,000, XRP sets new recordBitcoin (BTC) price is trading above $120,000 on Friday, inching closer to its all-time high of $123,218. Ethereum (ETH) price has surged by over 20% so far this week, with bulls aiming for the $4,000 level next.
Author  FXStreet
7 Month 18 Day Fri
Bitcoin (BTC) price is trading above $120,000 on Friday, inching closer to its all-time high of $123,218. Ethereum (ETH) price has surged by over 20% so far this week, with bulls aiming for the $4,000 level next.
goTop
quote