Breaking: MicroStrategy (MSTR) Adds $90 Mln in Bitcoin 

Key Insights:

• The latest breaking news indicates Michael Saylor’s MicroStrategy (MSTR) added an additional $90 million worth of BTC to its stash.
• MicroStrategy paid an average of $78,815 per coin.
• The latest deal is Strategy’s second Bitcoin buy while the market price sits below the company’s average entry of $76,056.

The latest breaking news indicates that Michael Saylor’s MicroStrategy (MSTR) took advantage of last week’s Bitcoin price dip and continued its shopping spree with an additional $90 million worth of BTC..

Instead, the firm went shopping at higher levels, buying about $90 million worth of BTC. Strategy executed this latest purchase at an average price of roughly $78,800.

MicroStrategy Makes Another Bitcoin Move With 1,142 BTC Buy

MicroStrategy (MSTR), now Strategy, bought 1,142 Bitcoin for about $90 million last week, according to a U.S. Securities and Exchange Commission filing released Monday.

The company paid an average of $78,815 per coin, despite Bitcoin spending most of the week below that level. It also came as BTC briefly dipped to around $60,000 on Coinbase last Thursday.

The latest purchase pushed MicroStrategy’s Bitcoin stash to 714,644 BTC. In total, the firm has spent about $54.35 billion building that position. That puts its average cost at roughly $76,056 per coin.

Strategy Adds Bitcoin as BTC Traded Below Its Average Cost

By paying close to $79,000 per Bitcoin, MicroStrategy did not bring down the average price of the coins it already holds. Instead, the new buy kept its overall cost basis largely where it was.

Meanwhile, Bitcoin has spent the past week trading far below that level. The price slipped under $78,000 last Tuesday and, since then, it has failed to reclaim $72,000, according to Coinbase data.

The latest deal is Strategy’s second Bitcoin buy while the market price sits below the company’s average entry of $76,056. In other words, it is still adding to the pile even though the position is underwater on paper.

MicroStrategy has been here before. Back in 2022, Bitcoin dropped under $30,000 while the company’s average purchase price was around $30,600.

At that point, Strategy eased off the throttle and bought less aggressively, though it still kept making smaller buys even as BTC traded below its cost basis.

Ahead of the buy, traders and commentators debated what MicroStrategy would do next. Some argued the firm might avoid purchasing below its average cost this cycle, mainly because it would highlight unrealized losses.

Still, others expected the opposite and leaned into the irony. A few joked that Michael Saylor would wait and announce another purchase at much higher prices instead.

One user on X summed up the mood with a tongue-in-cheek prediction posted Friday, saying Saylor would reveal on Monday that MicroStrategy bought another 1,000 Bitcoin at an average price of $95,000.

MicroStrategy (MSTR) stock has moved in sync with Bitcoin’s swings. MicroStrategy stock slid to around $107 last Thursday, according to TradingView data.

Then the tone shifted. As crypto markets stabilized, the MSTR stock turned higher on Friday and jumped about 26%, ending the day near $135.

Bitcoin Whales Accumulated 40K BTC as Price Briefly Hit $60K

Amid the MicroStrategy (MSTR) news, traders said whales looked far from panicked during the sell-off. Instead, many pointed to what they saw as deliberate positioning that helped support Bitcoin’s latest bounce.

Glassnode data showed big Bitcoin holders used the dip to buy. Altogether, they picked up about 40,000 BTC, loading up even as prices were still sliding.

Glassnode data showed big Bitcoin holders kept buying after Friday. Wallets holding between 1,000 and 10,000 BTC did most of the buying, adding about 22,000 BTC over that period.

Still, whales were not the only buyers. Binance’s Secure Asset Fund for Users, known as SAFU, also stepped in and bought another 4,225 BTC, a position worth about $300 million.