Michael Saylor’s Strategy Makes Sizeable Bitcoin Buy, Adding $82,000,000 Worth of BTC Amid Top Crypto Asset’s Price Slide

Michael Saylor’s Bitcoin treasury firm, Strategy (MSTR), stacked $82 million worth of BTC in the past week.

The company bought 1,036 Bitcoin at an average purchase price of $79,012 per coin, stretching its total holdings to 850,364 BTC.

Strategy resumed Bitcoin purchases in late August after spending the summer conducting its first Bitcoin sales since 2022. Those sales, which generated controversy across the crypto sector, materialized under the company’s newly introduced BTC monetization program, designed to bolster Strategy’s cash reserves and support dividend payments.

The summer’s sales marked a dramatic shift in tone for the firm after Saylor, Strategy’s chairman, spent years encouraging investors to “never sell” their BTC.

Now, however, Saylor maintains that vocal never-sell approach was just in reference to his personal wallet.

“When I say ‘Never Sell Your Bitcoin,’ I speak as one saver to another. I have never sold mine. Not one satoshi. Strategy is a public company, not my wallet. Since 2020, it has disclosed it may buy or sell BTC to manage capital. Our shared conviction in Bitcoin remains unchanged.”

On Monday, Saylor also noted the firm repurchased $188 million worth of STRC, the firm’s perpetual preferred stock that pays 12.00% annual dividends. STRC is designed to have a par value of around $100 and is currently trading at $99.98.

Strategy was the first public company to adopt Bitcoin as its sole treasury reserve asset and remains the world’s largest corporate BTC holder by a wide margin. The firm’s holdings are currently worth $63.6 billion.

Bitcoin is trading at $74,811 at time of writing. The top-ranked crypto asset by market cap is down nearly 1.5% in the past 24 hours, nearly 3% in the past week and nearly 10% in the past month, per data from CoinGecko.

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The post Michael Saylor’s Strategy Makes Sizeable Bitcoin Buy, Adding $82,000,000 Worth of BTC Amid Top Crypto Asset’s Price Slide appeared first on The Daily Hodl.