Michael Saylor's Strategy, the world's largest public Bitcoin investor, disclosed its latest Bitcoin (BTC) purchases last week, as cryptocurrency prices fell due to heightened geopolitical concerns.
During the week ending last Sunday, Strategy purchased 245 Bitcoins (BTC) for $26 million, as announced in a filing with the U.S. Securities and Exchange Commission (SEC) on Monday.
The average cost of the latest batch of Bitcoins for Strategy was $105,856 each, while according to CoinGecko, the price of Bitcoin dropped from about $108,900 on June 16 to a weekly low of just below $99,000.
Including the recent $1 billion Bitcoin purchase, the company's holdings have increased to 592,345 BTC, with a total purchase cost of approximately $41.9 billion, averaging $70,681 per coin.
This purchase is one of the smallest transactions for Strategy in recent months and the smallest since March, when the company bought 130 BTC for $10.7 million.
Similar to the March transaction, last week's purchase was also made during a price pullback, prompting some observers to question why the company did not buy more at lower prices.
Strategy's practice of buying larger quantities at higher prices aligns with Saylor's Bitcoin accumulation philosophy and his commitment to "always buy at the peak."
By the end of 2024, Saylor has pledged to continue purchasing BTC at peak prices, regardless of how high they rise.
He stated, "I am confident I will buy Bitcoin at $1 million each—possibly buying a billion Bitcoins every day at $1 million each."
After the latest purchase, Strategy maintained its Bitcoin yield, a metric that reflects the percentage increase in the value of its BTC wealth over a specific period.
According to Strategy's data, the BTC yield year-to-date after the new purchase is 19.2%, just 0.01% higher than the yield from the previous $1 billion BTC purchase announced on June 16.
The latest surge in BTC yield brings Strategy closer to its year-to-date yield target of 25% set for the end of 2025. The company previously set a target of 15% but raised it on May 1.
Shortly before the announcement of the new Bitcoin purchases, Saylor raised his long-term price forecast on Saturday, predicting that the cryptocurrency will reach $21 million in 21 years.
Related: Michael Saylor raises Bitcoin (BTC) price forecast to $21 million by 2046
Original article: “Strategy buys 245 Bitcoin (BTC) for $26 million as BTC bleeds amid geopolitical fears”
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