Business intelligence firm Strategy has snapped up an additional 592 BTC for roughly $39.8 million.
The company’s total holdings now stand at an extremely impressive 717,722 BTC.
Unsurprisingly, the relatively small purchase failed to move for the price of BTC. The key coin is currently teetering on the edge of plunging below the $66,000.
Morning Crypto Report: 12.25 Million XRP Leave OKX by February, Cowen Projects March Bitcoin Peak, USDT Liquidity Now Mirrors 2022 Bottom
Crypto Market Review: XRP’s Double Bottom Could Be Key, Bitcoin Is Literally on the Edge, Shiba Inu (SHIB) Price Is Trapped Now
As reported by U.Today, Strategy CEO Michael Saylor recently confirmed that Bitcoin is now in the middle of a bear market. However, he expects this crypto winter to be less severe compared to the previous cycles.
BitDeer’s exit
Strategy’s most recent purchase does not even remotely come as a surprise, given that Saylor explicitly teased it on Monday. However, the timing is quite notable, given that it comes shortly after mining firm Bitdeer decided to liquidate its entire Bitcoin treasury down to zero, which is a highly unusual move.
Under the leadership of CEO Jihan Wu, the company hasopted for immediate cash liquidity over holding 2,000 BTC.
You Might Also Like
Bitdeer is aggressively securing “powered land acquisitions” to expand its data center footprint.
That being said, Wu was quick to reassure the market that the company’s zero-balance is only temporary, and Bitdeer is not completely giving up on BTC.
In the meantime, Strategy’s Saylor recently stated that the company would not be selling BTC despite sitting on significant unrealized losses.
As reported by U.Today, the company stated that it would be able to weather a crash all the way to the $8,000 level.
Source: https://u.today/strategy-announces-fresh-bitcoin-purchase-following-bitdeers-exit