As the world's largest publicly traded holder of Bitcoin, Michael Saylor's Strategy continued to increase its BTC holdings last week amid a rebound in investor sentiment and rising prices.
According to documents submitted by Strategy to the U.S. Securities and Exchange Commission (SEC) on Monday, the company purchased a total of 4,980 Bitcoins (BTC) worth $531.1 million in the week ending Sunday.
The average purchase price for this round of Bitcoin acquisition by Strategy was $106,801 per coin. According to CoinGecko data, the price of Bitcoin rose from about $101,000 on June 23 to over $108,000 by the end of this week.
This increase brought Strategy's total Bitcoin holdings to 597,325 coins, with a total purchase amount of approximately $42.4 billion, and an average purchase price of $70,982 per coin.
With the latest round of purchases, Strategy's net increase in Bitcoin holdings year-to-date (YTD) has reached 85,871 coins, equivalent to $9.5 billion; while the total net increase for the entire year of 2024 is projected to be 140,538 coins, equivalent to $13 billion (data source: Strategy).
Strategy's annualized return on Bitcoin has risen by 0.5 percentage points to 19.7%, moving closer to the company's annual return target of 25% set for the end of 2025.
The BTC yield for Strategy this quarter has also slightly increased by 0.4 percentage points, reaching 7.8%.
Many had anticipated this round of purchases by Strategy, as Saylor almost always hints at upcoming buys every Sunday.
Several blockchain analysts noted that on Sunday, Strategy also transferred 7,383 BTC to three new wallets, valued at approximately $796 million. The blockchain analysis platform Lookonchain stated that this transfer "is likely aimed at enhancing custody security."
"Historically, Strategy only sold 704 BTC (worth $11.81 million) at a price of $16,776 on December 22, 2022, and quickly bought back 810 BTC (worth $13.64 million) at a price of $16,845 on December 24," Lookonchain stated.
"Aside from that, they have consistently been buyers and holders," the post added.
Before releasing the latest purchase information on the X platform, Saylor reflected on the company's early investment journey in Bitcoin and shared his 2020 interview with RealVision founder Raoul Pal.
In the interview, Saylor recounted his experience of "deciding to boldly invest in Bitcoin for the long term." Strategy made its first BTC investment in August 2020.
"There are many traders in the market. They do not understand long-term thinking," Saylor stated in the interview, adding:
Related: After a record second quarter, how will the monthly close look? This week's top five concerns for Bitcoin (BTC).
Original article: “Strategy Buys $531 Million in Bitcoin (BTC), Market Sentiment Rebounds to Over $107K”
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