The purchase was made during a period of relative strength for Bitcoin, which has remained above key support levels and has seen a resurgence in inflows into spot Bitcoin ETFs.
Strategy expanded its Bitcoin treasury with a US$60 million (AU$92.1 million) purchase of 525 BTC at an average price of US$114,562 (AU$176,000). The firm now holds 638,985 BTC worth more than US$73 billion (AU$112.1 billion).
This effectively continues an aggressive accumulation program that began in August 2020 with an initial US$250 million (AU$384 million) investment. Saylor’s approach positioned Strategy as the first major public company to adopt Bitcoin as a corporate treasury asset. Today we have dozens of institutional investors and firms hoarding Bitcoin, notably Metaplanet, Trump Media, and just recently, HashKey.
Despite slowing down from time to time when markets turned south, the company has accelerated its buying in recent weeks, adding US$450 million (AU$691 million) of Bitcoin between late August and early September.
While other firms have followed with BTC allocations, some have also diversified into assets such as Solana, Ethereum, and Dogecoin.
Last Chance to Buy BTC?
September has been, historically, a difficult month for crypto, mostly due to broader market trends.
Despite all the volatility, Bitcoin has remained strong, testing the resistance between US$115,600 (AU$177,600) and US$117,300 (AU$180,200).
The price slipped below US$114,500 (AU$175,600) on Monday ahead of the Federal Reserve’s policy meeting, and most analysts see support at US$111,000-$113,000 (AU$170,500-AU$173,600).
According to crypto analyst ShayanBTC, several factors are playing a hand in forming Bitcoin’s apparently bullish setup.
Not only technical setups and miner accumulation, spot Bitcoin ETFs are experiencing a resurgence in inflows. Crypto News Australia reported that BTC ETFs netted over US$2.2 billion (AU$3.3 billion).
Read more on Crypto News Australia
