As the world's largest holder of Bitcoin, Michael Saylor's Strategy continues to increase its holdings of this cryptocurrency as the BTC price saw a slight rise last week.
According to documents submitted to the U.S. Securities and Exchange Commission (SEC) on Tuesday, Strategy acquired 1,955 Bitcoins (BTC) for $217.4 million between September 2 and 7.
Data from CoinGecko indicates that the average purchase price was $111,196 per coin, as the cryptocurrency briefly surged above $113,000 last Friday before retreating to around $110,000.
With this new acquisition, as of Sunday, Strategy's total Bitcoin holdings reached 638,460 BTC, with a purchase cost of approximately $47.2 billion and an average price of $73,880 per BTC.
The latest Bitcoin purchases by Strategy follow a series of acquisitions in August, during which approximately 7,714 BTC were purchased.
The company's BTC purchases last month were significantly lower than previous acquisitions, including a massive purchase of 31,466 BTC in July and 17,075 BTC in June.
The funds for the latest Bitcoin purchases came from the proceeds of three market stock issuances (ATM) by Strategy, including Series A perpetual Strife preferred stock (STRF), Series A perpetual Strike preferred stock (STRK), and its common A shares MSTR.
Strategy's new Bitcoin purchases occurred after the company was excluded from the newly added list of the S&P 500 index last Friday, contrary to many expectations.
In contrast, the S&P 500 added several stocks, including the cryptocurrency-friendly trading app Robinhood, mobile technology company AppLovin, and Emcor Group, which specializes in mechanical and electrical construction services. These new stocks will join the index before the market opens on September 22.
In response to Strategy's exclusion from the S&P 500, ETF analyst Eric Balchunas emphasized the decisive role of the "mysterious committee" behind the index.
"You have to realize that SPX is essentially an actively managed fund run by a secret committee. We [invited] someone who used to manage this trillion-dollar committee," Balchunas wrote on X last Friday, referring to a podcast from 2020 titled "The Mysterious Committee Behind the S&P 500."
Related: ARK Invest increases its cryptocurrency layout, adding $16 million in BitMine stock and $7.5 million in Bullish stock.
Original article: “Michael Saylor's Strategy Buys $217 Million in Bitcoin (BTC) Last Week”
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