Bitcoin financial firm Strategy has completed a new purchase of 593 BTC, the firm’s 100th purchase since it began accumulating.
Strategy Added 592 BTC to its treasury
In a new post on X, Strategy founder and chairman Michael Saylor announced the company’s latest BTC acquisition. The transaction, which cost the company a total of $39.8 million, involved 592 tokens. On average, the acquisition is not impressive by Strategy standards, but it marks an important milestone: the 100th purchase completed by the company.
The strategy started to accumulate Bitcoin back in 2020 and during that time, the company made only one sale. The sale in question happened back in December 2022, when BTC was trading at the lows of the last bear market cycle. Despite this, the company has shown strong confidence in cryptocurrency, with purchases becoming more and more common as time goes on.
Following 100 purchases via Strategy, its total amount has grown to 717,722 BTC, which is equivalent to about 3.6% of the entire BTC supply. The company spent a total of $54.56 billion on this stock, but today, it is worth $46.48 billion, which means the company has lost about 15%.
Speaking of losses, the Strategy has the reputation of buying at or near the top of the asset. It seems to have been the same this time, with the cryptocurrency currently down about 4% from the base cost of the new purchase of $ 67,286 per token.
According to a US Securities and Exchange Commission (SEC) filing, Strategy made the latest acquisition between February 17th and 22nd, and funded it using sales from the company’s MSTR at-the-market (ATM) stock offering program.
With each new purchase, Strategy only strengthens its position as the number one Bitcoin treasury company in the world, as a table from BitcoinTreasuries.net shows.
The ten largest public holders of BTC | Source: BitcoinTreasuries.net
The strategy is also not the only major owner of BTC, the largest digital asset company in the general public. The second largest position is held by Bitmine, a Bitcoin mining company that adopted Ethereum’s treasury strategy last year.
Bitmine also participated in the Ethereum rally during the past week, as announced in a press release on Monday. The firm added 51,162 ETH to its coffers through this buying spree, taking the total amount of cash held to 4,422,659 ETH, which is equivalent to 3.66% of ETH in circulation.
This time, the company locked up 3,040,483 ETH in the stake contract. Bitmine chairman Thomas “Tom” Lee said:
During this ‘mini-crypto winter,’ our focus continues on implementing our wealth strategy and gradually earning ETH and improving the yield of our ETH assets.
BTC price
At the time of writing, Bitcoin is floating around $65,100, down more than 4% in the past seven days.
The price of the coin seems to have plunged over the past day | Source: BTCUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
Planning process because bitcoinist focuses on delivering well-researched, accurate, and unbiased content. We maintain strict sourcing standards, and each page is diligently reviewed by our team of senior technical experts and experienced editors. This process ensures the integrity, relevance, and value of our content to our readers.
