Strategy Accelerates Bitcoin Accumulation With $356M Buy After Two Weeks Of Smaller Purchases

Michael Saylor-backed Strategy (MSTR) announced on Monday that it had bought around 3,081 Bitcoin (BTC) for $356 million over the past week.

Strategy’s latest Bitcoin purchase was made at an average price of about $115,000 per token, lifting its total holdings to 632,457 BTC acquired at an average of $73,500 each. The company has stepped up its buying pace after two weeks of relatively modest additions—430 BTC last Monday and 155 BTC the week before. The Bitcoin purchases were made using proceeds from the MSTR at-the-market (ATM) program, STRK ATM, and STRF ATM. 

Despite the Bitcoin buy, Strategy’s stock was down more than 4% in morning trade on Monday. On Stocktwits, retail sentiment around the shares moved lower but remained in ‘bullish’ territory as chatter also dipped to ‘normal’ from ‘high’ levels over the past day. 

The Bitcoin-proxy stock moved in tandem with the apex cryptocurrency. Bitcoin’s price fell 2.8% over the last 24 hours, trading at around $111,300 at the time of writing–more than 10% below its recent record high of over $124,000, seen merely 12 days ago. This puts the value of Strategy’s treasury holdings at around $70 billion. Retail sentiment around Bitcoin on Stocktwits remained in ‘bearish’ territory.

Strategy’s stock has dropped 14% so far this month, tracking volatility across the crypto market. Even so, the shares remain up 15% year-to-date and have surged more than 130% over the past 12 months.

Michael Saylor and the company came under fire last week after walking back on a pledge not to sell common stock when trading below 2.5 times mNAV. That valuation metric, which compares the company’s market capitalization to the value of its bitcoin holdings, has been sitting well under 2x for weeks, adding to the pressure on the stock.

Read also: Bitcoin Slides To July Levels, Ethereum Retreats From Weekend Highs – $840M Liquidated In Crypto Selloff

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