Strategy Buys $370 Million of Bitcoin After Two Months of Silence

After about two months of halting its aggressive Bitcoin buy strategy and consistently pumping its cash reserves instead, Michael Saylor, the chairman of the world’s largest Bitcoin treasury firm, Strategy, has finally bought Bitcoin again.

In a recent post shared earlier today, Strategy has confirmed another Bitcoin purchase to boost its treasury holdings, sparking mixed reactions from crypto users.

Strategy buys 4,603 Bitcoin

Michael Saylor has revealed that the treasury firm has added a massive 4,603 Bitcoin worth $370 million to its holdings over the last week.

Alongside its recent Bitcoin purchase, Strategy also revealed that it boosted its cash reserves by $29 million and repurchased about $152 million worth of STRC, its preferred stock.

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As such, the massive Bitcoin purchase served as a way to strengthen its STRC, as it brought its USD reserve to about $5.10 billion and USD cash to $1.61 billion.

According to Saylor, the move has boosted its U.S. dollar duration to 4.0 years, while STRC’s BTC credit stood at 56 basis points.

Is Saylor a bad trader?

Following the latest purchase, Strategy’s Bitcoin holdings now sit at a total of 845,050 BTC, as further on-chain data shared on the move shows that the Bitcoin recently accumulated by the company was bought at an average price of about $80,318 per BTC.

This suggests that Strategy made its latest Bitcoin purchase when Bitcoin’s rally was still ongoing, sparking debates about whether Saylor is a bad trader, considering he is buying Bitcoin at a high price while he recently sold at a low price.