Modest Bitcoin Purchase From Strategy as Unrealized Losses Near $7 Billion: Details
The ongoing cryptocurrency market correction, which many analysts have decisively called a full-on bear market, has not deterred the world’s largest corporate holder of bitcoin.
Michael Saylor’s BTC-focused brainchild just announced its latest acquisition, which was relatively modest given the company’s history of billion-dollar purchases in the past.
Strategy spent just under $40 million to acquire 592 BTC at an average price of $67,286 per unit. This puts its entire cryptocurrency portfolio at a whopping 717,722 BTC, purchased for approximately $54.56 billion at an average price of $76,020.
An update shared by Walter Bloomberg informed that Strategy sold 297,940 Class A shares via its at-the-market program in the past week to raise the funds for the BTC purchase. As of yesterday, the firm had $37.4 billion in securities available for future ATM sales, including $7.8 billion in MSTR stock and $20.3 billion in STRK stock.
Given the asset’s most recent crash to $66,200 as of press time, this means that the Wall Street-listed firm now sits on a growing unrealized loss of around $7 billion.
Recall that Strategy’s behavior was very different just over a month ago, when it splashed more than a billion dollars to accumulate 13,627 BTC. At the time, its portfolio was well in the green, with an unrealized profit of over $10 billion.
The landscape has changed substantially since then, with BTC currently trading around 50% away from its all-time high, which led to speculation that the bear market is raging on.
The post Modest Bitcoin Purchase From Strategy as Unrealized Losses Near $7 Billion: Details appeared first on CryptoPotato.
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