Business intelligence firm Strategy has purchased an additional $285 million worth of Bitcoin (BTC), according to a Monday announcement.
The company's total holdings have now swelled to 531,644 coins. The leading corporate Bitcoin holder now accounts for 2.5% of the cryptocurrency's total supply (21 million).
As reported by U.Today, the massive buy was widely expected after it was teased by Strategy cofounder Michael Saylor on his social media profile.
Alex DovbnyaThe company's average purchasing price is now approaching the $68,000 level.
The price of Bitcoin is currently sitting slightly below the $85,000 level, with little volatility ahead of the upcoming U.S. market open. Despite its significant size, Strategy's purchase has, as expected, had a negligible impact on price action.
Yuri MolchanMeanwhile, Strategy's shares are up by roughly 4% in premarket trading.
Vladislav Sopov
Dan Burgin