Strategy Adds $51M in Bitcoin as BTC Hits $124K Before Sharp Dip

Washington, D.C. — Michael Saylor’s Strategy, the world’s largest public Bitcoin holder, has added to its already-massive BTC reserves as the cryptocurrency hit new all-time highs before a steep weekend pullback.

According to a filing with the U.S. Securities and Exchange Commission (SEC) on Monday, Strategy purchased 430 Bitcoin (BTC) for $51.4 million during the week ending Sunday.

The purchase came as Bitcoin briefly surged above $124,000 last Wednesday before dropping to around $115,000 by Sunday, highlighting the ongoing volatility in crypto markets.

Average Purchase Price: $119,666 Per BTC

The latest acquisition cost the company an average of $119,666 per coin. Following the purchase, Strategy’s Bitcoin holdings have increased to 629,376 BTC, acquired for a total of $46.15 billion at an average price of $73,320 per coin.

At last week’s peak, Saylor noted that the firm’s Bitcoin reserves were valued at a record $77.2 billion.

An excerpt from Strategy’s Form 8-K. Source: SEC

Resource: https://x.com/RealJimChanos/status/1957418200418615608

Related: Bitcoin Hits $124K — Is This the Top or Just the Beginning of a Bigger Rally?

Saylor: “Volatility is a Gift to the Faithful”

Amid the dramatic price swings, Strategy co-founder Michael Saylor reinforced his long-standing conviction in Bitcoin. Posting on X (formerly Twitter) on Thursday, he wrote:

“Volatility is a gift to the faithful.”

The comment came just as BTC slid below $118,000, one day after reaching new highs.

Market Outlook

Despite the retracement, Bitcoin remains up significantly year-to-date and continues to attract institutional buyers. Strategy’s consistent accumulation underscores its belief in Bitcoin as a superior treasury reserve asset, regardless of short-term market swings.

Related: SharpLink Gaming Plans $1 Billion Ethereum Purchase, Earning Comparisons to Michael Saylor