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Michael Saylor’s Approach Involved Small Bitcoin Acquisition During Early Stages of Last Week’s Cryptocurrency Decline
The company has acquired 1,142 bitcoin at an approximate cost of $90 million, translating to an average price of $78,815 per coin.
Michael Saylor (Gage Skidmore/CC BY-SA 2.0/Modified by CoinDesk)
Key points:
- The bitcoin treasury firm Strategy acquired 1,142 bitcoin for $90 million last week.
- The company currently possesses 714,644 bitcoin, which were bought for $54.35 billion, averaging $76,056 each.
- Shares are down nearly 4% in premarket trading as bitcoin experiences a slight pullback from its Friday close nearing $70,000.
Strategy (MSTR) has increased its bitcoin holdings, although it seems the purchases were made prior to the significant price drop during the latter part of the week.
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Under the leadership of Executive Chairman Michael Saylor, the firm acquired 1,142 bitcoin at a total of $90 million, with an average price of $78,815 per coin. Strategy’s total now comprises 714,644 bitcoin purchased for $54.35 billion, averaging $76,056 per coin.
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On Monday morning, bitcoin is trading just below $69,000, reflecting a 2.6% decline over the previous 24 hours. MSTR shares have decreased by 3.9%.
The purchases made last week were financed through the sale of common stock.
Considering the average acquisition price of $78,815, it appears that Strategy conducted its purchases on Monday or Tuesday of the previous week, prior to the abrupt drop in bitcoin’s price, which fell to as low as $60,000 at one point on Thursday.
