Strategy (formerly MicroStrategy) has bought an additional 8,178 BTC at an average price of $102,171 per Bitcoin (BTC). The enormous purchase totalled $835.6 million.
This breaks the streak of the company’s rather underwhelming Bitcoin buys that would fail to impress the community.
The Virginia-based business intelligence firm now holds 649,870 BTC, acquired for a total of $48.37 billion, averaging $74,433 per BTC.
Despite the purchase, the Bitcoin price fell slightly to $94,321.43 (-1.1%) after the announcement, according to CoinGecko data.
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The MSTR stock fell in pre-market trading ($195.29, down 2.23%).
Strategy co-founder Michael Saylor often teases the purchase with his recent social media post that included an orange-dot chart.
As reported by U.Today, Saylor hinted at the most recent Bitcoin purchase during a Friday interview with CNBC, during which he stated that people would be “pleasantly” surprised.
Strategy remains under pressure
MicroStrategy remains the largest corporate Bitcoin holder, but it is currently stuck in a rather tough predicament. The stock has plunged 56% from its July peak of $457 as its premium to net asset value (NAV) has evaporated.
Investor confidence may improve slightly from this purchase, but the stock is still under severe strain.
Source: https://u.today/breaking-saylor-stuns-market-with-enormous-bitcoin-purchase