Michael Saylor’s company, Strategy, has added 430 Bitcoin between August 11 and 17, buying the tokens for $51.4 million even as both Bitcoin and its stock continue to slide.
The company, formerly known as MicroStrategy, revealed the move in a filing, showing how it raised the funds from stock sales to grow its Bitcoin treasury.
According to the filing, the purchase was made at an average price of $119,666 per coin, bringing the company’s total holdings to 629,376 BTC, nearly 3% of the entire Bitcoin supply. Altogether,
Strategy has spent about $46.15 billion on its holdings at an average price of $73,320 per coin. In a playful hint on social media, co-founder Michael Saylor wrote “Insufficient Orange” in his regular Sunday post, signaling that another purchase had been made.
This is the third week in a row that Strategy has expanded its Bitcoin stash. Just last week, the firm announced the purchase of 155 BTC for $18 million. According to the filing, the latest deal was funded by proceeds from the sale of STRK, STRF, and STRD shares, which brought in $19.3 million, $19 million, and $12.1 million, respectively.
The company also shared an update to its equity guidance, noting it will actively issue MSTR shares when its market value trades at more than four times net asset value, and use the funds to acquire more Bitcoin.
The timing of the purchase is notable, as Bitcoin has dropped below $115,000, sliding almost 5% in the past week.
Meanwhile, Strategy’s stock has mirrored the downturn, falling more than 8% in the same period and slipping over 2% in premarket trading to about $358. At the same time, Investors also reacted to news that asset manager Vanguard had cut its stake in the company by 10%, adding more pressure to the share price.
Still, despite the dips, MSTR remains up 22% this year and 174% over the past 12 months, while Bitcoin itself is also up around 22% since January.
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