Tuesday, 02 January 2024 12:17 GMT

Strategy Scoops Up 8,000 BTC Amid Crypto Market Weakness Its Largest Purchase Since July


(MENAFN- AsiaNet News)

Strategy (MSTR) announced on Monday that it purchased more than 8,000 Bitcoin (BTC) over the past week as the cryptocurrency's price fell below $100,000.

This purchase represents the company's largest Bitcoin acquisition since July, when it bought 21,021 BTC. During September and October, Strategy mostly executed smaller, three-digit Bitcoin purchases.

MSTR's stock fell more than 2% in pre-market trade, but retail sentiment on Stocktwits trended in 'bullish' territory amid 'high' levels of chatter over the past day.

The company said it had acquired 8,178 Bitcoin for $835.6 million, bringing its total Bitcoin holdings to 649,870. Strategy's most recent purchase was made at an average price of $102,171 per Bitcoin. 

Executive chairman Michael Saylor had teased that the company is buying“a lot” of Bitcoin on Friday in an interview with CNBC.“We are buying. We're buying quite a lot, actually,” he said.“In fact, we've been accelerating our purchases.”

Get updates to this developing story directly on Stocktwits.

Read also: Bitcoin Price Struggles While Crypto Liquidations Top $500 Million – Analyst Flags Retail Pressure

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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