MicroStrategy is back to making big Bitcoin moves. After several weeks of smaller buys under $100 million, the company just announced a massive purchase worth more than $835 million.
It marks the first time since early May that the firm bought BTC at an average price near $100,000. The company now holds 649,870 BTC, valued at roughly $62 billion despite the recent market dip.
The news follows a hint from Michael Saylor, who posted on X that it would be a “big week” for acquisitions. The tease arrived as rumors circulated that the company had begun selling some of its Bitcoin. On-chain analysts quickly dismissed the speculation, explaining that the large on-chain movements were internal wallet reshuffles, something MicroStrategy has done many times before.
Still, the company’s stock hasn’t escaped pressure. MSTR slipped in pre-market trading, down about 2.2% to $195.29. Saylor responded to concerns by saying the team had been buying Bitcoin daily throughout last week’s price drop from $107,000 to $94,000.
MicroStrategy remains the world’s largest corporate Bitcoin holder, but its stock has fallen 56% from July’s $457 peak as its premium to net asset value disappeared. The latest purchase might steady investor sentiment, but the company is still navigating a tough stretch.
Image Credit: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
