Strategy’s Bitcoin Spending Tops $50B After Fresh 10,645 BTC Purchase
Over five years after it started purchasing BTC en masse, Michael Saylor’s business intelligence software company has now spent more than $50 billion on its Bitcoin reserve strategy.
The latest purchase was announced by the firm’s co-founder and former CEO, who informed that they had bought another 10,645 BTC for $980.3 million at an average price of $92,098 per unit.
Consequently, the company’s total stash has soared to 671,268 BTC, which was accumulated for $50.33 billion. Despite the cryptocurrency’s correction in the past several weeks, Strategy’s holdings are worth just over $60 billion, meaning that the firm’s unrealized profit stands at a healthy $10 billion.
In contrast to its consistently growing BTC stash, Strategy’s stock prices paint a different picture. MSTR has been on a substantial downfall since July this year, dropping from over $450 per share at the time to $176 as of Friday’s close.
MSTR is deep in the red on a YTD scale as well, losing more than 41% of its value since January 1 and it’s on track to close its worst performing year since adopting the Bitcoin reserve strategy.
The post Strategy’s Bitcoin Spending Tops $50B After Fresh 10,645 BTC Purchase appeared first on CryptoPotato.
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