Microstrategy Buys More Bitcoin, Up 75% From Last Week: Is The Buying Picking Up?

What Happened

Strategy, formerly MicroStrategy, bought 1,666 Bitcoin (BTC) in its latest weekly purchase. The company now holds 847,666 BTC, more than any other public company.

Strategy is a Nasdaq-listed software firm that turned itself into a Bitcoin holding company. It reports its purchases to US regulators, usually on Mondays.

MicroStrategy Bitcoin Buying Grows 75% From Last Week

Market Context

Bitcoin trades near $83,251, down 2.3% over 24 hours, according to BeInCrypto data. At that price, the 1,666 coins are worth roughly $138.7 million.

Executive Chairman Michael Saylor hinted at the buy on Sunday. He posted a chart of Strategy’s purchases, where each orange dot marks a buy, with the caption “Even more orange.”

As of last week, Strategy’s average cost stood at roughly $75,400 per coin. Today’s price sits about 10% above that level.

Why It Matters

BeInCrypto reported Saylor’s latest signal that evening and said Monday’s filing would confirm any new purchase. The week before, his “A little more orange” post also came a day before the 950 BTC buy.

Details

The new purchase is about 75% larger than the previous one. Last Monday, Strategy disclosed a 950 BTC buy worth about $76 million, which took its holdings to 846,000 BTC.

Before that, the company ended a 10-week pause on August 31 with 4,603 BTC. The week in between showed no buying at all.

Saylor’s “Even More Orange” Post Came a Day Earlier

Strategy’s buying has been uneven this year. Its ledger lists four sales between June 30 and August 10, totaling 6,916 BTC. Last week, it also spent $174 million buying back its own preferred shares, more than twice its Bitcoin spend.

Next Monday’s filing will show whether this week’s larger buy marks a steadier pace or another one-off.

The post MicroStrategy Buys More Bitcoin, Up 75% From Last Week: Is the Buying Picking Up? appeared first on BeInCrypto.