Michael Saylor’s Strategy Buys Another $264,100,000 in Bitcoin (BTC) Amid Crypto Market Downturn
Michael Saylor’s Bitcoin (BTC) treasury company, Strategy, appears undeterred by recent weakness across the crypto markets.
Saylor says the firm has acquired an additional 2,932 BTC for approximately $264.1 million at an average price of $90,061 per Bitcoin.
Strategy (MSTR) now holds 712,647 BTC acquired for approximately $54.19 billion, at an average cost of $76,037 per Bitcoin.
The firm, which trades on the Nasdaq under the ticker MSTR, is the world’s largest corporate holder of Bitcoin and was the first public company to adopt BTC as its sole treasury reserve asset.
Strategy’s stock has faced pressure amid broader crypto market declines, with MSTR sliding alongside digital asset prices during the recent downturn.
In a Bloomberg interview earlier this year, Saylor predicted that Bitcoin would not have to endure future boom-and-bust cycles.
“Winter’s not coming back. We’re past that phase. Bitcoin’s not going to zero, it’s going to $1 million.”
The Strategy founder said his bullishness was due to the Trump Administration’s embrace of crypto and the doors it opened for future institutional adoption.
“The banks are going to custody Bitcoin. Bitcoin has gotten through its riskiest period, the accounting has been corrected.
There’s now only 450 Bitcoin a day available for sale by natural sellers, that’s the miners. At this level, that works out to about $50 million of Bitcoin available for sale every day. If that $50 million is bought, then the price has got to move up to find any seller that’s price sensitive.”
At time of writing, Bitcoin is trading for $88,535.
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The post Michael Saylor’s Strategy Buys Another $264,100,000 in Bitcoin (BTC) Amid Crypto Market Downturn appeared first on The Daily Hodl.
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