Strategy's ₿ack: Saylor's Optimism Amidst Fragile Bitcoin Rally
Michael Saylor's company Strategy has been quietly accumulating Bitcoin for years. Since its inception, it has made 113 purchase events, which have resulted in an average buying cost of $75,653 per BTC. This means that when Strategy buys more Bitcoin at higher prices, its unrealized appreciation increases.
As of now, the company holds approximately 840,447 BTC, with a total value of around $65.72 billion. Its stock price has dropped by 16.22% year-to-date, but Saylor remains optimistic about the future. His recent tweet 'We're ₿ack' suggests that Strategy is resuming its core strategy and adding new Bitcoins to its treasury.
The current Bitcoin rally is being driven by leveraged traders in futures and perpetual markets, who are using leverage to push prices higher. However, this can be a fragile situation, as these rallies often reverse quickly. Furthermore, the recent transfer of 5,100 BTC worth approximately $399 million from Wintermute to Binance has sparked concerns about increased sell-side supply.