Despite the ongoing cryptocurrency downturn that many analysts now describe as a confirmed bear market, the largest corporate holder of Bitcoin continues to accumulate.
The company founded by Michael Saylor disclosed that it purchased 592 BTC for just under 40 million dollars at an average price of 67,286 dollars per coin. This brings Strategy’s total holdings to 717,722 BTC, acquired for approximately 54.56 billion dollars at an average cost of 76,020 dollars per bitcoin.
According to an update shared by Walter Bloomberg, the firm funded the purchase by selling 297,940 Class A shares through its at the market program. Strategy still has about 37.4 billion dollars in securities available for future sales, including 7.8 billion dollars in MSTR stock and 20.3 billion dollars in STRK stock.
With Bitcoin recently trading near 66,200 dollars, the company is now facing an unrealized loss close to seven billion dollars. This marks a sharp contrast to just over a month ago, when Strategy spent more than one billion dollars to acquire 13,627 BTC and was sitting on an unrealized gain exceeding ten billion dollars.
Since then, market conditions have shifted significantly, with Bitcoin trading roughly 50 percent below its all time high, fueling further discussion about the strength and duration of the current bear cycle.
