Strategy firm, led by Michael Saylor, added 1,031 bitcoins to its portfolio last week. This new acquisition cost a total of $76.6 million, thus marking a significant decline in the company’s recent acquisition pace.
Bitcoin Stocks Continue to Increase
The amount of bitcoin in the strategy company’s reserves reached 762,099. In total, approximately $57.69 billion was spent on these investments. The average purchase price of bitcoins in the company’s portfolio increased to $ 75,694. The last purchase in question was made at a unit price of 74,326 dollars.
US-based Strategy company is known as one of the leading corporate players that consistently accumulates bitcoin on their balance sheets. According to the company’s latest report, the financing required for the new acquisition was provided entirely through the sale of common shares of the company.
It was announced that no borrowing was required to finance the last bitcoins purchased, and all transactions were covered by the income obtained from existing shareholders. Thus, it appears that the company is moving forward without resorting to additional financing methods while expanding its asset base.
Fewer Purchases Compared to Previous Periods
In the past two weeks, Strategy company purchased more than $1 billion worth of bitcoin. During these acquisitions, the company took advantage of the issuance of its preferred shares called STRC. The purchases made in the last week remained at a lower level compared to this period.
It is considered that the large volume transactions carried out in bulk in the previous weeks were effective in the decrease in the speed of the company’s bitcoin purchases. Market followers are closely interested in what route the company will follow in its investment strategy.
As of last week, the price of bitcoin was around $70,000, while there was a slight increase in the shares of the Strategy company traded on the stock exchange. Premarket trading saw a 1.7 percent increase in share prices.
With the company’s recent acquisitions, institutional investors’ approach to the cryptocurrency market has been brought to the agenda again. Despite the recently increasing corporate interest, the slowdown in the acquisition pace of the Strategy company is noteworthy.
