Bitcoin Shopping Spree: Strategy Continues Accumulation With $530M Purchase
Strategy, the leading corporate holder of Bitcoin, is nearing 600,000 tokens, having acquired 4,980 Bitcoin for approximately $531.9 million between June 23 and June 29. This brings total holdings to 597,325 Bitcoin, purchased for around $42.4 billion. The value of these holdings is now roughly $64 billion. Strategy's shares increased by 4.7% to $402.07, reflecting investor confidence despite Bitcoin's stable price around $107,000. Funding for acquisitions came from stock sales under at-the-market offerings. The company's Bitcoin yield was 19.7% from January 1 to June 29. Chairman Michael Saylor hinted at the recent purchase on social media, emphasizing long-term investment value. Strategy has varied its acquisition strategy, making smaller purchases at times, while Bitcoin has experienced volatility, recently consolidating at $107,000 after a drop to around $98,000. The company has transformed from an enterprise software firm into a leveraged play on Bitcoin since August 2020, raising concerns about risks if Bitcoin prices fall below its average buying price.
