- Publicly-listed company Strategy bought 196 Bitcoin last week for $22.1 million at an average of $113,048 per BTC.
- The move raises its overall holdings to 640,031 BTC, acquired for $47.35 billion at an average of $73,983 per BTC.
Strategy (MSTR) recently triggered another multi-million-dollar Bitcoin (BTC) purchase. This Monday, the business intelligence and Bitcoin development company announced topping up its treasury with 196 BTC for $22.1 million.
Strategy’s Latest Bitcoin Purchase Announcement
According to Strategy’s Form 8-K declaration at the US Securities and Exchange Commission (SEC), it acquired the assets between September 22 and 28 at an average cost of $113,048 per BTC. The purchases proceeded when Bitcoin fluctuated from a $108,700 low to a $115,400 high.
The company revealed that it funded the latest batch of Bitcoin acquisition using the proceeds of its share offerings within the same timeframe. It notably raised $128.1 million from the net proceeds of its Series A perpetual Strife (STRF), Stride (STRD), and MSTR common stock sale. This means the business has more funds left for incoming BTC buys, unless it’s planning to use the rest of the capital it obtained for other purposes.
The latest development increased Strategy’s total holdings to 640,031 BTC, giving it control to roughly 3.05% of Bitcoin’s 21 million capped supply. Meanwhile, the event slightly elevated the institution’s BTC yield from last week’s 26% to 26.5%. BTC yield is a key performance indicator (KPI) the company uses to illustrate the percentage change in its Bitcoin holdings in correlation to its assumed diluted shares outstanding.
Additionally, Strategy outperformed Bitcoin by 12.25 percentage points (rounded off) in terms of annual return. To date, the Saylor Tracker website pegged Strategy’s returns at around 92.75% compared to Bitcoin’s 80.51%. On the other hand, its Net Asset Value (NAV) is 1.42x, meaning MSTR is trading at a premium relative to BTC’s value.
So far, Strategy has already invested $47.35 billion for its Bitcoin-centric treasury scheme. It comes at a dollar cost average of $73,983 per BTC, which remains virtually close to its $73,971 BTC DCA last week.
Bitcoin Performance
Bitcoin pivoted between a $110,035.06 low and a $114,288.31 high in the last 24 hours. It’s still priced at around $114,000 as of writing at 3:30 PM on Monday. QCP Capital noticed a significant easing from the previous week’s heavy selling pressure, which allowed BTC to claw back above $110,000.
With BTC rising by over 4% in a month, the digital payment token services provider warned traders and investors to watch out for the asset’s subsequent retest at the $115,000 line. A breakout from that level could signal a bullish momentum heading to the usually bullish month of October, a.k.a. “Uptober” in crypto lingo.
