Gulf Insider
A week after SELLING 32 Bitcoin – and (in part) triggering a waterfall decline in crypto – Bitcoin treasury company Strategy just BOUGHT an additional 1,550 BTC for approximately $101.3 million at an average price of $65,332 per bitcoin between June 1 and June 7, according to an 8-K filing with the SEC on Monday. Strategy now holds a total of 845,256 BTC – worth around $53.5 billion – bought at an average price of $75,680 per bitcoin for a total cost of around $64 billion, including fees and expenses, according to the company’s co-founder and executive chairman, Michael Saylor. This means Saylor’s horde represents 4% of bitcoin’s 21 million supply cap. Was Saylor’s ‘sale’ last week designed to lower the price for this big purchase? Bitcoin had been trading for around $73,700 before the sale announcement. However, the news, despite increasingly being flagged by the company as a possibility in recent weeks, saw the market subsequently drop around 20% to a low of roughly $59,300 on Friday, before recovering back above the $63,000 level over the weekend. Last week, JPMorgan analysts said Strategy’s recent decision to sell 32 BTC “spooked” markets even if the sale was “symbolic and voluntary,” intended to demonstrate the company’s commitment and flexibility […]
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