Business intelligence firm Strategy has purchased an additional $1.4 billion worth of Bitcoin, according to a Monday announcement. This marks one of the company's largest BTC purchases to date.
The company's average purchasing price currently stands at $68,459.
Strategy now holds a staggering 553,555 BTC. This represents 2.64% of the maximum Bitcoin supply (21 million coins).
The announcement was widely expected by the market after Strategy's Michael Saylor strongly hinted at another purchase on social media on Sunday. As usual, it has had little impact on Bitcoin's immediate price action.
The largest cryptocurrency is currently trading above the $95,000 level, according to CoinGecko data. Earlier today, it reached an intraday high of $95,490.
Even though Strategy's Bitcoin buys typically cause little volatility, Bloomberg's Eric Balchunas recently opined that the company's relentless shopping spree was the key reason why the Bitcoin price remains relatively stable.
Paul AdedoyinMeanwhile, Blockstream CEO Adam Back recently said that it was "staggering" that more companies are not moving to adopt Strategy's playbook.
The shares of Strategy are up by 1.4% in premarket trading after adding more than 5% on Friday. The company is up 23% on a year-to-date basis.
What's next?
According to Vetle Lunde of K33 Research, only $122 million is left from Strategy's $21 billion at-the-money offering (ATM).
The ATM offering, which was originally expected to run until the end of 2027, has run its course in just six months.
It remains to be seen whether Strategy has a new "giga ATM announcement" in the pipeline ahead of its earnings.
Vladislav Sopov
Dan Burgin