Business intelligence firm Strategy has acquired an additional $556 million worth of Bitcoin, according to its Monday 8-K filing.
The leading corporate Bitcoin holder now owns a total of 538,200 coins following the most recent purchase.
As reported by U.Today, the leading cryptocurrency rallied above $87,000 earlier today while the DXY was dropping to new multi-year lows.
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The most recent purchase was priced in by the market, which is why the price of the leading cryptocurrency is seeing little volatility in response to the announcement.
That said, some analysts believe that Strategy’s Bitcoin purchases are a major reason why the Bitcoin price remains relatively stable amid global market turbulence. As reported by U.Today, Bloomberg’s Eric Balchunas believes that the company will “obviously” refrain from selling its coins.
Strategy’s average purchasing price is now approaching $68,000.
Source: https://u.today/breaking-strategy-buys-556-million-worth-of-btc