Michael Saylor’s company, Strategy, continues to shock the crypto market by buying nearly 18,000 Bitcoin worth over $1.3 billion even though the digital asset is currently priced below their average purchase cost.
At the time of writing, Bitcoin is currently trading at $69,003, down 0.13% since it opened early Tuesday in Asian trading.
This is not just any ordinary purchase, it shows Strategy’s incredible confidence in the future of Bitcoin.
With this latest purchase, the company’s total Bitcoin holdings now reach 738,731 BTC, representing nearly 3.7% of the total Bitcoin supply in the market.
This amount has cost Strategy over $56 billion since it began accumulating Bitcoin, making it one of the largest public holders in the world.
Interestingly, Strategy boldly bought when the average market price was around $67,700, lower than their average total cost of $75,862.
This move marks a ‘buy the dip’ strategy of buying when prices are falling and further cements Saylor’s reputation as the most aggressive Bitcoin investor.
In addition, the amount of Bitcoin purchased exceeded the new supply of Bitcoin mined over the past five weeks, indicating that Strategy is not only buying for long-term storage but also controlling a large portion of the market supply.
As a result, Strategy shares have also risen, posting a gain of more than 3% last week, indicating that investor confidence in the strategy remains high.
