Saylor’s Strategy Buys More Bitcoin Despite Shrinking Paper Gains

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Saylor hinted about the purchase in a Sunday tweet.

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The world’s largest corporate holder of bitcoin just announced its latest such purchase, which was executed before the Thursday and Saturday market crashes, at an average price of almost $88,000.

The company spent $75.3 million to acquire 855 BTC, with its total stash increasing to 713,502 units.

The post above shows that the firm’s holdings were bought for approximately $54.26 billion, at an average price of $76,052 per BTC. Given the cryptocurrency’s current price tag of under $78,000, this means that the company’s paper gains have shrunk to under $3 billion.

Recall that the number stood at nearly $8 billion just last week when bitcoin was closer to $90,000. However, the asset slumped hard twice in the past week – on Thursday and Saturday.

The first one dropped it to $81,000, before the bears took complete control of the market and pushed it south to $74,400 earlier today. This meant that Strategy’s holdings were briefly in the red for the first time since October 2023.

Strategy’s own stock has not been spared from the overall market calamity, as it’s down by over 6% in the past five days.

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Source: https://cryptopotato.com/saylors-strategy-buys-more-bitcoin-despite-shrinking-paper-gains/