Strategy adds $50M in Bitcoin holdings to crypto stockpile

Michael Saylor’s Strategy accrued its cryptocurrency buying strategy by acquiring 487 Bitcoin worthy astir $50 million, marking an escalation implicit its erstwhile week’s report.

In a Monday filing with the US Securities and Exchange Commission, Strategy said it had acquired 487 Bitcoin (BTC) astatine an mean terms of $102,557 per coin — astir $50 million.

The summation of the BTC brought the company’s full holdings to 641,692 BTC, oregon much than $67 cardinal astatine the clip of publication.

Source: Michael Saylor

The erstwhile week, Strategy reported purchases of 397 BTC, a humble 1.8% summation implicit its purchases successful the past week of October, erstwhile it bought 390 BTC astatine astir $43 million. Reports suggested that immoderate organization players were looking to Strategy’s investments arsenic a bellwether for acquiring the company’s shares and vulnerability done exchange-traded funds.

As of Monday, according to data from Nansen, the terms of Bitcoin was $105,321, having surged by astir 1.5% successful the erstwhile 24 hours. 

Related: Strategy won’t look Bitcoin liquidation successful the adjacent carnivore market: Willy Woo

Major capitalist closes abbreviated presumption against Strategy

The Bitcoin acquisition came amid Kynikos Associates’ announcement that it had closed its abbreviated position against Strategy’s MSTR shares connected Friday. The determination suggested that astatine slightest immoderate investors were much bullish connected BTC treasury strategies.

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