Strategy Buys $369 Million in Bitcoin at $80K Each Amid Market Volatility
Strategy, an investment company, has made a significant purchase of Bitcoin. It bought 4,603 BTC at an average price of $80,318 per coin, totaling $369.7 million. This acquisition increases its total holdings to 845,050 BTC, with the average cost basis being $75,412 per Bitcoin.
The company funded this purchase through share sales that raised $602.8 million and maintained zero net leverage and $6.71 billion in USD assets. The timing of the purchase is notable as Bitcoin's price hovered near $77,600 during the acquisition period, slightly below Strategy's average cost.
Analysts note that Bitcoin is currently trading sideways near key support levels, with potential for a pullback if it falls below $77,000. Despite short-term price fluctuations, Strategy's continued accumulation signals confidence in the cryptocurrency market.