Michael Saylor’s bitcoin-accumulating giant continues to refrain from increasing its cryptocurrency stash after a large wave of uncertainty hit the market and its stock performance.
Instead, Strategy continues to focus on rebuilding its USD reserve. In the past week alone, the NASDAQ-listed business intelligence giant ramped up its greenback stash by another $225 million for a total of over $3.2 billion.
Strategy’s bitcoin fortune remains at 843,775 units, accumulated for approximately $63.7 billion at an average price of $75,500 per BTC. The firm remains deep in the red, as the current value of its crypto stash sits around $10 billion lower.
Recent History
Before today’s announcement, Strategy and its co-founder and former CEO changed their course on trading with bitcoin, as it’s no longer a simple buy-and-hold strategy.
Instead, the largest corporate holder of the cryptocurrency made a couple of sales in the past several months, with the second, announced earlier this month, becoming the largest; over 3,500 BTC sold for about $216 million at the time.
Strategy also launched the Digital Credit Capital Framework to enhance its available liquidity to cover monthly dividend payments and increase its long-term bitcoin exposure. It managed to increase its USD reserve to $3 billion before today’s announcement, which was enough to cover payments for over two years.
Although this pivot from consistent bitcoin purchases was described as a safe and good first step, some analysts continue to question the long-term BTC plan.
Source: CryptoPotato
