Strategy Rebounds With $101.3M Bitcoin Buy After Selling 32 BTC

• Bitcoin development company Strategy has acquired 1,550 BTC over the week, bouncing back hard from its prior 32 BTC sale.

Strategy (formerly Strategy), the world’s largest public Bitcoin (BTC) treasury and business intelligence company, rebounds from its recent sale of 32 BTC. After a grueling week for the crypto market, the publicly traded institution announced the purchase of over a hundred million dollars worth of the premier crypto asset.

Strategy’s Latest Bitcoin Purchase

On Monday, Strategy disclosed via a Form 8-K filing with the US Securities and Exchange Commission (SEC) its acquisition of 1,550 BTC. The transactions cost $101.3 million, at an average of $65,332 per BTC.

The business now owns 845,256 BTC, as also reflected on Blockzeit’s Strategy Bitcoin Purchase Tracker. The amount accounts for roughly 4.22% of Bitcoin’s 20.03 million circulating supply, cementing Strategy’s status as the largest accumulator of the digital asset. It even surpasses BlackRock’s 811,291 BTC portfolio, which serves as the underlying asset for iShares Bitcoin Trust (IBIT) Exchange-Traded Fund (ETF).

So far, Strategy has already allocated $63.97 billion to its Bitcoin-focused digital asset treasury at an average purchase cost of $75,680 per BTC. Over the crypto asset’s fluctuation from $61,166.86 to $64,128.04 in the last 24 hours, the figures amount between $51.7 billion and $54.2 billion, bringing the business’s unrealized losses from its BTC playbook around $12.27 billion and $9.76 billion.

Strategy sourced funding for the latest batch of Bitcoin accumulation from the sale of more than 1.4 million shares of its MSTR common stock for $181 million. It notably timed the purchases as Bitcoin crashed from nearly $74K to $59K — a trend stemming from its own undoing as it broke its promise of “never selling” its Bitcoin.

BTC and Crypto Community Feedback

Strategy notably received plenty of flak for its sale of 32 BTC in the week leading to June. Many interpreted the move as a broken promise to MSTR, Bitcoin, and crypto investors. Meanwhile, people such as Peter Schiff, Chairman of Schiffgold, called the latest buy “damage control” for the mess it caused last week.

However, those with an open mind saw the 32 BTC sale as a healthy activity for both the company and the broader BTC/crypto ecosystem. As we have discussed earlier, Bitcoin needs to maintain an active cash flow to generate transaction fees, which are crucial for incentivizing miners and ensuring the network’s security. Additionally, a robust activity between buyers and sellers is key to establishing a transparent price discovery mechanism through high-volume, institutional liquidity.

Furthermore, by executing a small tactical sale, the company has effectively stress-tested market plumbing and fortified its balance sheet. Others saw it as a strategic tax loss harvesting tactic to offset taxable gains elsewhere.

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