Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
Strategy, the corporate entity led by Michael Saylor, has acquired an additional 850 Bitcoin for approximately $99.7 million, bringing its total holdings to 639,835 BTC. This latest purchase, made at an average price of $117,344 per coin, occurred last week amidst the US Federal Reserve’s first interest rate cut of the year, which saw Bitcoin briefly surge above $117,000.
Latest Bitcoin Acquisition Details
The acquisition, disclosed in a US Securities and Exchange Commission filing on Monday, saw Strategy spend $99.7 million for 850 BTC. This purchase took place during the week ending Sunday, capitalizing on Bitcoin’s price movement following the Fed’s 25 basis point rate reduction.
The average price of $117,344 per coin reflects the market’s reaction to the interest rate cut. According to CoinGecko data, Bitcoin briefly climbed above $117,000 on Thursday, providing a window for Strategy’s latest buy.
Total Holdings and Acquisition Trend
With this latest addition, Strategy’s total Bitcoin reserves now stand at 639,835 BTC. These holdings were acquired for approximately $47.3 billion at an average price of $73,971 per coin, solidifying its position as the world’s largest corporate Bitcoin holder.
However, the recent acquisition continues a trend of more modest buys compared to earlier in the year. Strategy acquired 3,330 Bitcoin in September, a significant drop from the 7,714 BTC bought in August, which itself was a 75% decrease from July’s substantial 31,466 BTC.
Saylor’s Perspective on Volatility
Michael Saylor, known for his bullish stance on Bitcoin, has commented on the asset’s observed decrease in volatility amid growing institutional adoption. He suggested that if “mega institutions are going to enter, if the volatility decreases, it is going to be boring for a while.”
Saylor added in a recent interview that this reduced volatility might cause “people’s adrenaline rush to drop.” Despite Strategy’s slower pace, other firms like Japan’s Metaplanet have been actively increasing their BTC holdings.
Upcoming Engagements
Strategy’s latest Bitcoin purchase also comes as Saylor prepares to participate in a US government-hosted roundtable. This event, scheduled for Tuesday, aims to advance the US Bitcoin reserve bill, commonly known as the BITCOIN Act.