Another Bitcoin Purchase by Strategy
Michael Saylor's company Strategy continues to grow its bitcoin portfolio, despite the current decline in the value of the asset below its cost basis.
According to The Block, Strategy has purchased an additional 1,142 bitcoins worth around $90 million. The total number of bitcoins in Strategy's treasury is now over 121,000 BTC, which is equivalent to more than 3.4% of the entire existing bitcoin supply.
The current market value of Strategy's bitcoin treasury is estimated at around $49 billion. However, despite these impressive figures, the overall value of the portfolio is still below the company's initial investment in bitcoin.
This strategy of accumulating bitcoin despite price declines demonstrates Michael Saylor's confidence in the long-term potential of the first cryptocurrency. His company appears to be adhering to the philosophy of 'time in the market, not timing the market' and views the current correction as an opportunity to strengthen its position in bitcoin.
Given that Strategy controls over 3% of the total bitcoin supply, Saylor's actions can have a significant impact on the cryptocurrency market. It will be particularly interesting to see how Strategy manages its bitcoin portfolio in the future as the cryptocurrency returns to growth.