Strategy bought an additional $75.3 million worth of Bitcoin
The company reported that the new batch of Bitcoin was financed through the sale of MSTR common shares traded on the Nasdaq stock exchange in the United States. Strategy now holds 713,502 BTC. The company has spent more than $54.26 billion to build this reserve at an average purchase price of $76,052 per BTC.
Strategy, founded in 1989 by Michael Saylor and Sanju Bansal, originally focused on business analytics, and in August 2020 began building a Bitcoin reserve by purchasing its first 21,454 BTC for $250 million.
Several other large companies follow a similar approach, but it carries risks. The American video game retailer GameStop transferred its entire holding of 4,710 BTC to Coinbase Prime to sell the coins. The Japanese asset management company Metaplanet, which holds 35,102 BTC on its balance sheet, recorded a loss of more than $680 million due to the decline in Bitcoin’s price.
Earlier, Michael Saylor said on the What Bitcoin Did program that the “real progress of Bitcoin” is reflected not in daily charts, but in crypto investments by large companies and the willingness of banks to use the asset.
See also: "Raoul Pal named the reason for the decline of the Bitcoin market"
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