Michael Saylor’s company, Strategy, has increased its cryptocurrency buying strategy by acquiring an additional 487 Bitcoin worth approximately $50 million. This latest purchase marks an escalation compared to its reported acquisitions in the preceding weeks.
In a filing with the U.S. Securities and Exchange Commission on Monday, Strategy disclosed that it had purchased 487 Bitcoin (BTC) at an average price of $102,557 per coin. The total value of this acquisition amounted to about $50 million.
This recent addition of Bitcoin has brought the company's total holdings to 641,692 BTC. At the time of publication, this substantial amount was valued at over $67 billion.
The previous week, Strategy had reported acquiring 397 BTC. This represented a modest 1.8% increase over its purchases in the final week of October, when it bought 390 BTC for approximately $43 million. Market observers have suggested that some institutional investors are monitoring Strategy’s Bitcoin investments as an indicator for their own share acquisitions and exposure through exchange-traded funds.
As of Monday, data from Nansen indicated that the price of Bitcoin stood at $105,321. The cryptocurrency had experienced a surge of about 1.5% in the preceding 24 hours.
Major Investor Closes Short Position Against Strategy
The recent Bitcoin purchase by Strategy occurred amidst an announcement from Kynikos Associates. The firm revealed on Friday that it had closed its short position against Strategy’s MSTR shares. This development suggests that a segment of investors is exhibiting a more optimistic outlook towards Bitcoin treasury strategies.