Bitcoin Bet Backfires: Strategy’s Recent Purchase Coincides With Market Plunge

Strategy Inc., the company formerly known as MicroStrategy, has once again demonstrated its commitment to Bitcoin, though its latest acquisition appears poorly timed. The firm, often dubbed the “Bitcoin king” of corporate holdings, purchased an additional 220 Bitcoin on October 13th for $27.3 million, paying an average of $123,561 per coin. This transaction occurred just days before the cryptocurrency’s value tumbled from over $123,000 to a low of $103,000, raising questions about the company’s market timing.

Despite the recent price volatility, Strategy’s commitment to accumulating Bitcoin remains unwavering. This latest purchase brings the company’s total holdings to 640,250 BTC. The total acquisition cost for this massive portfolio stands at $47.38 billion, resulting in an average purchase price of $74,000 per Bitcoin—a figure that... Read more...