Strategy Buys $101M in Bitcoin One Week After Selling 32 BTC

Barely one week after selling 32 Bitcoins (BTC) and rattling investors, Michael Saylor’s Strategy has acquired $101 million worth of BTC. The latest acquisition is the company’s first purchase in three weeks, with Saylor reaffirming his resolve to keep stacking the premier cryptocurrency.

Strategy goes back to BTC accumulation with mega purchase

Michael Saylor’s Strategy has purchased 1,550 BTC for $101 million, reversing course after selling 32 BTC a week ago. Saylor confirmed the purchase in an X post, noting that the move brings the company's BTC stash to 845,256 BTC.

Furthermore, the company increased its USD reserve by $100 million to $1 billion, hinting at steady Bitcoin purchases in the coming weeks. According to an 8-K filing, Strategy bought the assets at an average value of $65,332 per BTC as it took advantage of a dip in prices.

Meanwhile, the purchase represents Strategy’s first Bitcoin buy after a three-week lull that sparked concerns over the company’s commitment to its accumulation spree. However, Saylor calmed investors after sharing Strategy’s Orange Dots charts on Sunday while hinting at an imminent Bitcoin purchase. “A good time to add more dots,” wrote Saylor as he flashed the tell-tale sign for an incoming Bitcoin acquisition. 

Source: StrategyTracker.com 

Strategy’s latest purchase has triggered an uptick in BTC price, with the asset trading at $63,701 at press time. Meanwhile, daily trading volume has exceeded $35 billion, representing a 15% climb over the last day.Riding on the wave of Strategy’s Bitcoin buy, Bitcoin has ended a torrid streak of seven straight daily declines. For context, the last time the asset logged seven consecutive daily declines was in June 2022.

Investors heave a sigh of relief after 32 BTC sale

Strategy’s move to sell 32 BTC to fund dividend payments left a sour taste in the mouths of traders. While Michael Saylor had previously hinted at a potential BTC sale “to inoculate the market,” the move made a splash across the cryptoverse.

Hours after the announcement, Bitcoin price fell headlong below $70,000 before spiralling toward the $60K mark during the week. At the time, Jim Cramer noted that Saylor murdered Bitcoin, with the Strategy founder downplaying the effects of the Bitcoin sale.

“It’s just a flesh wound, Jim,” said Saylor in response to speculation that he triggered the Bitcoin crash. Meanwhile, Strive CEO Matthew Cole announced the purchase of 32 BTC in an attempt to ride the wave of the brewing conversations and assuage investors’ concerns.Back in 2022, Strategy sold 704 BTC but immediately  followed the move with a 2,395 BTC purchase, a move described by analysts as a “tax-loss harvesting exercise.” This makes last week’s sale the first net bitcoin reduction recorded in an 8-K filing by Strategy, dismissing speculation that it was for tax-loss harvesting.