Strategy has resumed its Bitcoin accumulation with a new $43 million acquisition, which has taken its holdings close to the 820,000 BTC milestone.
Strategy Has Expanded Its Holdings By Another 535 Bitcoin
As revealed by Strategy co-founder and chairman Michael Saylor in an X post, the company has made a fresh Bitcoin acquisition involving 535 tokens. The firm spent $80,340 per coin or a total of $43 million on the purchase.
In terms of the size, the buy was relatively modest, but it represents the return to accumulation for Strategy after it chose to skip last Monday’s regular buy. Saylor foreshadowed this resumption in his usual Sunday X post with the company’s BTC portfolio tracker, this time using the caption, “Back to work.”
Not just that, the purchase has also arrived after Saylor hinted that the company could participate in some Bitcoin selling. As reported by Bitcoinist, the chairman said during the firm’s first-quarter earnings that they will probably sell some of their BTC to fund a dividend just to prove that they could do it.
So far since the statement, the company hasn’t made any such sale. While Strategy making a sale would be quite the rare event, it’s not like it hasn’t done it before. Back during December 2022, the firm offloaded 704 tokens as the cryptocurrency traded at lows of that year’s bear market.
According to the filing with the US Securities and Exchange Commission (SEC), the latest acquisition by Strategy was funded mostly using sales of its MSTR at-the-market (ATM) stock offering. Though, a small number of STRC shares were also involved.
Following the purchase, the company’s holdings have grown to 818,869 BTC, approaching the 820,000 BTC milestone. Strategy spent a total of $61.86 billion on this stack, which gives it an average cost basis of $75,540. Earlier, Bitcoin had slipped under this mark, but the recent recovery rally has meant that the treasury firm is back in the green.
Strategy has continued to be the most dominant corporate holder of BTC in the world, as data from BitcoinTreasuries.net shows.
Strategy isn’t the only digital asset treasury company that has aggressively been accumulating. Another name that has established itself in the space is Bitmine, a BTC mining company that pivoted to an Ethereum treasury strategy last year.
Like Strategy, the firm also announces regular Monday buys, but it appears to have skipped out on this week as its new press release hasn’t revealed any acquisitions.
Bitmine chairman Tom Lee noted that the company has decided to slow down its purchases as it has been moving too fast for its original target; the company set a goal to reach 5% of the Ethereum supply by late 2026, but at its pace so far, it would have reached it by just mid-July.
ETH Price
At the time of writing, Ethereum is floating around $2,300, down 0.5% over the last seven days.
