Michael Saylor has once again expanded his Bitcoin reserves, with the company purchasing nearly $1 billion in BTC despite a slowdown in digital asset inflows and a significant drop in its stock this year.
Chairman of Strategy, Michael Saylor, announced on the X platform that the company purchased 10,624 BTC last week at an average price of $90,615 per coin, totaling approximately $962.7 million. This move brings MicroStrategy's total holdings to 660,624 BTC, with a total acquisition cost of about $49.35 billion and an average price of $74,696.
This action comes at a time when Strategy's stock performance has been lackluster. According to Google Finance data, Strategy's stock recently traded around $178.99, down 51% over the past 12 months.
Nevertheless, the company still has billions of dollars in unrealized gains on its BTC holdings. According to BitcoinTreasuries.NET, the BTC currently held by Strategy is valued at approximately $60 billion, over 22% higher than the company's total cost basis.
During the Bitcoin MENA event held in Abu Dhabi on Monday, Saylor noted that he has been meeting with sovereign wealth funds and various investors, including bank operators and family offices, to discuss BTC.
"My message is very straightforward," Saylor said. "We now have digital capital. BTC is digital capital; it is digital gold. On top of digital capital, we have a new asset class called digital credit. Digital credit eliminates the volatility of capital and provides yield."
Despite the decline in Strategy's stock price, the company's chairman continues to reaffirm his confidence in this asset, recently stating on social media that they "will not give up" on their bet on BTC.
Strategy has also recently raised $1.44 billion to alleviate market fear, uncertainty, and doubt (FUD). Strategy CEO Phong Le stated that there were previous market concerns that if the stock price fell too much, the company might not be able to meet its debt and payment obligations.
"Some people spread FUD, claiming we cannot meet our dividend obligations, which led to people shorting BTC," he explained.
Strategy's latest Bitcoin purchase comes amid a slowdown in digital asset treasury (DAT) growth in November. Data from DefiLlama shows that DAT had only $1.32 billion in inflows that month, a 34% decrease from October.
BTC-focused companies led the month, primarily driven by Strategy's $835 million purchase on November 17. Ethereum-focused DAT turned negative, with an outflow of $37 million.
Related: Improvement in crypto and traditional finance sentiment: Can Bitcoin (BTC) traders clear shorts above $93,000?
Original article: “Strategy's Bitcoin (BTC) reserves surpass 660,000 after $962 million purchase”
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