According to the latest announcements, Michael Saylor's company, Strategy, cut back on its Bitcoin purchases last week, adding just 196 BTC compared to 850 BTC the week before. The reduction equals a 76.9% drop in weekly buying volume. The new coins cost about $22.1 million on average, at about $113,048 for each BTC.
As of Sept. 29, Strategy holds 640,031 BTC. The total cost basis for this supply is $47.35 billion, which works out to $73,981 per Bitcoin. At the current market price of about $112,000, the company's Bitcoin is worth $71.7 billion. That means they are sitting on a profit of over $24 billion, which is about 51.4% above cost.
The purchase update comes after a busy month of accumulation. Earlier in September, Strategy added 1,955 BTC in a single week and 4,048 BTC the week before that — the smallest amount since early August.
In meantime, Bitcoin price
Bitcoin itself has been trading between $110,000 and $118,000 in September, with the latest spot price near $112,000.
Strategy continues to lead the pack, with holdings far ahead of any other public company, but the lower weekly figure is notable after a streak of larger acquisitions.
Saylor said the update was a big deal because now there are 640,031 BTC on the books. But the market will also see that Strategy's pace is slowing down, which shows that even its best customer is not always going full speed ahead.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team