Significant Bitcoin Purchases Resume
After several weeks of more modest BTC purchases worth less than $100 million, the world’s largest corporate holder of the cryptocurrency is back with massive acquisitions, the latest worth over $830 million.
Additionally, this was the first Strategy purchase with an average BTC price at around $100,000 since early May. Its stash has shot up to 649,870 BTC, a fortune that is currently worth nearly $62 billion even after the cryptocurrency’s latest correction.
Addressing Market Speculation
Before today’s announcement, Michael Saylor hinted on X yesterday that it will be a “₿ig Week” in terms of purchases. This post came at a crucial time as reports emerged last week claiming that the Nasdaq-listed business intelligence giant had started to dispose of its BTC holdings.
However, those rumors were quickly refuted by on-chain sleuths, many of whom explained that the large transfers made by Strategy were actually internal reshuffling, something the company has done multiple times in the past.
Michael Saylor also weighed in on the matter, and, contrary to the speculations, asserted that his company has been buying every day during that week, in which BTC’s price tumbled from $107,000 to $94,000.