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Strategy (formerly Micro Strategy), the leading company holder of Bitcoin (BTC), is about to reach an important milestone when approaching the acquisition of 600,000 tokens.
In the last step, the company bought 4,980 Bitcoin between June 23 and June 29 for an average price of $ 106,801 each, a total of around $ 531.9 million. This last purchase brought the total Bitcoin holdings of the company to 597,325, taken over for around $ 42.4 billion.
Strategy shares an increase of 4.7%
Although the price of Bitcoin remains relatively stable at around $ 107,000 and $ 107,500 in the last 24 hours, the shares of the strategy are, Mstrincreased by 4.7% to $ 402.07 on Monday, which is a reflection of the trust of investors in the financial movements of the company. The value of the Bitcoin interests of the strategy is now around $ 64 billion.
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Financing for these latest acquisitions came through the sale of shares under various on the market offers. Benchmark analyst Mark Palmer noted that the Bitcoin return of the company, which measures the change in the ratio of his Bitcoin interests to total outstanding shares, was 19.7% between January 1 and June 29.
The chairman of Strategy, Michael Saylor, who is often considered one of the most vocal proponents of Bitcoin, hinted on the recent purchase in a social media post at the weekend.
He stated“In 21 years you want you to buy more”, in addition to a graph that illustrates the performance of the Bitcoin portfolio of the strategy since the initial investment in the end of 2020, which shows the aggressive purchases that have increased in the past year.
Bitcoin -price floats around $ 107,000
Interestingly, the company had made a smaller purchase of 245 bitcoins between June 16 and June 22, considerably less than its usual mass acquisitions.
For the context, Strategy had previously acquired 10,100 Bitcoins in just six days in the period from June 9 to June 15. This shows that although the company often makes large purchases, it can also vary the acquisition strategy based on market conditions.
In the past month, the leading cryptocurrency of the market has seen a remarkable volatility peak, whereby the prices can tackle its current record price of $ 111,800 during last month’s rally.
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Since then, Bitcoin has succeeded in enduring later price drops, with the most recent deepening BTC On the way to the $ 98,000 zone. However, the cryptocurrency has succeeded in registering a recovery of 2.4% on the weekly period, which is currently consolidated at $ 107,000.
Originally founded as an Enterprise software company, strategy has been converted into a lever game on Bitcoin, so that investors can be exposed to cryptocurrency without having it directly.
Since August 2020, the company has consistently increased its Bitcoin reserves by selling shares and debts. This has led to criticism from analysts who believe that this can be dangerous if the Bitcoin price falls below the average purchase price of the company.
Featured image of Dall-E, graph of TradingView.com