Strategy Expands Bitcoin Holdings

Strategy added $1.08 billion in Bitcoin last week, marking its largest purchase in over a month, continuing its aggressive quest for BTC accumulation amidst rising geopolitical tensions in the Middle East that affected crypto markets.

The Virginia-based software firm, formerly known as MicroStrategy, purchased 10,100 Bitcoin at an average price of $104,080 per token between June 9 and 15. Strategy now holds 592,100 Bitcoin valued at over $64 billion, according to bitcointreasuries.net.

This marks the tenth consecutive week that Strategy has reported Bitcoin purchases, as confirmed by the company’s website.

This significant acquisition occurred during a volatile week for digital asset markets, with Bitcoin dropping nearly 5% on Friday amidst missile exchanges between Israel and Iran. This sell-off eliminated over $420 billion from the wider crypto market capitalization and triggered $1.2 billion in leveraged liquidations due to altcoin price declines.

Traders’ caution was evident in the stock market as well, where the S&P 500 and the Dow Jones Industrial Average fell by 0.66% and 1.17%, respectively, as investors turned to safer assets like gold.

However, as of Monday, Bitcoin has partially recovered, trading above $108,000, marking a 2.4% increase over the last 24 hours, although remaining flat for the past week, according to CoinGecko data.

Strategy’s latest token acquisition follows the recent launch of STRD, a Bitcoin-backed preferred stock on NASDAQ, intended to raise $250 million for further Bitcoin purchases. The company plans to issue 2.5 million shares at $100 each.

Strategy’s efforts to expand its Bitcoin holdings reflect a larger trend, with 235 public and private companies, along with government entities, now holding Bitcoin, a 13% increase over the past month as indicated by Bitcointreasuries.net.

Edited by James Rubin