Michael Saylor’s Strategy Buys $217M Bitcoin As Price Holds Firm

Michael Saylor’s Strategy, the world’s largest holder of Bitcoin, continued stacking the cryptocurrency as the BTC price edged up slightly last week. 

Strategy acquired 1,955 Bitcoin (BTC) for $217.4 million between Sept. 2 and 7, according to a Tuesday US Securities and Exchange Commission filing.

The purchase was made at an average price of $111,196 per coin as the cryptocurrency briefly surged above $113,000 last Friday before slipping to around $110,000, according to CoinGecko.

With the new acquisition, Strategy’s total Bitcoin holdings totaled 638,460 BTC as of Sunday, purchased for approximately $47.2 billion and at an average price of $73,880 per BTC.

Strategy’s latest Bitcoin purchase follows a series of buys in August, totaling approximately 7,714 BTC for the month.

The company’s BTC buying last month was significantly smaller than previous purchases, including a massive 31,466 BTC acquisition in July and a 17,075 BTC acquisition in June.

The latest purchase was made using proceeds from three of Strategy’s at-the-market (ATM) equity offerings, including the Series A Perpetual Strife Preferred Stock (STRF), the Series A Perpetual Strike Preferred Stock (STRK) and its own Common A stock MSTR.

Magazine: Bitcoin may sink ‘below $50K’ in bear, Justin Sun’s WLFI saga: Hodler’s Digest, Aug. 31 – Sept. 6