Strategy Adds 705 Bitcoin For $75M, MSTR Stock Down

Strategy, previously known as MicroStrategy, made another Bitcoin purchase between May 26 and June. The company bought 705 BTC for $75 million, bringing its total holdings to 580,955. Meanwhile, the MSTR stock price has continued its correction from last week, down in todays pre-market trading.

Strategy Acquires 705 BTC, MSTR Stock In The Red

In a press release, Michael Saylors company revealed that it has purchased 705 BTC for $75.1 million at an average price of $106,495 per bitcoin. The company has also achieved a BTC yield of 16.9% year-to-date (YTD).

This latest purchase brings Strategy‘s Bitcoin holdings to 580,955 BTC, which it acquired for $40.68 billion at an average price of $70,023 per Bitcoin. As CoinGape reported, Michael Saylor had yesterday signaled another Bitcoin purchase when he posted the company’s BTC portfolio tracker.

This is the companys eighth consecutive weekly purchase. Last week, it acquired 4,020 BTC for $427 million at an average price of $106,237 per Bitcoin. Meanwhile, despite this recent purchase, the MicroStrategy stock is in the red.

Nasdaq data shows that the MSTR stock price is currently down almost 1% in pre-market trading, trading at around $366. The stock had closed out last week in the red, trading at around $369.

However, the stock is still up over 27% YTD and 126% in the last year. In an X post, Saylor highlighted how the Bitcoin move has worked out well for Strategy, stating, “Your portfolio needs a Strategy.”

He shared an image that showed MSTR has enjoyed the most returns over the last three months among major assets, including Bitcoin. During this period, the MicroStrategy stock has recorded a gain of 44% while BTC is up 22%. The closest stock, TSLA, is up 18% during this period.

Saylors company is expected to keep accumulating more BTC in the foreseeable future. As CoinGape reported, the company recently announced plans to raise $2.1 billion for more Bitcoin purchases.

Meanwhile, Saylor recently spoke up against the idea of a proof-of-reserve for the companys Bitcoin holdings, citing vulnerabilities that it can expose them to. However, following his comments, the on-chain analytics platform Arkham traced and identified wallets holding their BTC holdings.

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.

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