Strategy, as the world's largest corporate holder of Bitcoin (BTC), announced its latest BTC purchases after the price of Bitcoin briefly dropped to $103,000 last week.
The company announced on June 2 that it purchased 705 Bitcoins between May 26 and May 30, with a total value of $75.1 million.
The average purchase price was $106,495 per Bitcoin, while the price of Bitcoin fell from $110,000 last Monday to an intra-week low of $103,400 over the weekend.
This purchase marks the company's last Bitcoin acquisition in May, bringing Strategy's total holdings (BTC) to 580,955 Bitcoins, with a total acquisition cost of approximately $40.7 billion and an average price of $70,023 per Bitcoin.
With the new acquisition, Strategy slightly increased its Bitcoin yield, a metric that refers to the percentage growth of its Bitcoin holdings' value over a specific period.
According to Strategy's data, the latest purchase brought the year-to-date BTC yield to 16.9%, up 0.1% from the previous 4,020 BTC purchase announced last Monday. The year-to-date BTC yield for the quarter now stands at 5.4%.
Strategy aims to achieve a 25% year-to-date BTC yield target by the end of 2025. The company's previous target was 15%, which was raised on May 1.
Strategy's new Bitcoin acquisition closely follows another series of Class A shares sold by its director, Jarrod Patten.
According to a securities sale report submitted by Strategy on May 30, Jarrod sold 3,750 shares between May 22 and May 29, totaling nearly $1.4 million.
Strategy's stock, traded under the ticker MSTR, faced downward pressure after the sale, briefly dropping below $360 on May 28 and 30.
TradingView reported that Strategy's shares closed last week at $369 but fell 1.6% in pre-market trading.
Despite the recent decline, Strategy's stock is still up about 23% year-to-date, with an annual increase of 123%.
According to Strategy analyst Jeff Walton, due to its massive Bitcoin holdings, Michael Saylor's company is expected to one day become "the top publicly traded stock in the entire market."
As of the announcement, Strategy holds nearly 581,000 BTC, accounting for 2.9% of all Bitcoins mined to date.
Related: Venture Capital Overview: Twenty One investors inject $100 million into Bitcoin (BTC) treasury, Jump Capital supports Securitize
Original article: “Strategy Ends May with $75M Bitcoin Buy at $103K”
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