Strategy (MSTR) added to its bitcoin holdings, but appears to have made all its purchases before the deep price plunge in the back half of the week.
Led by Executive Chairman Michael Saylor, the company added 1,142 bitcoin for $90 million, or an average price of $78,815 each. Strategy’s stack now stands at 714,644 bitcoin purchased for $54.35 billion, or an average price of $76,056 each.
Bitcoin Monday morning is trading at just under $69,000, down 2.6% over the past 24 hours. MSTR shares are lower by 3.9%.
Last week’s acquisitions were funded by the sale of common stock.
Given the average purchase price of $78,815, it appears Strategy made its buys on Monday or Tuesday last week, ahead of the rapid decline in bitcoin’s price, which took the crypto to as low as $60,000 at one point on Thursday.