Bitcoin treasury firm Strategy has continued to buy despite the market downturn as it has increased its holdings by another 2,486 BTC.
Strategy Has Added Bitcoin Worth $168 Million To Its ReservesAccording to the filing with the US Securities and Exchange Commission (SEC), the buy occurred between February 9th and 16th and was funded using proceeds from the company’s STRC and MSTR at-the-market (ATM) stock offerings.
Usually, Strategy drops its purchases on Mondays, but this time the announcement has come on a Tuesday instead. The reason behind it is likely to be the fact that this Monday was a federal holiday: Presidents’ Day.
Following the new acquisition, the treasury firm’s holdings have risen to 717,131 BTC. Strategy spent a total of $54.52 billion on this stack, but at the current exchange rate of the cryptocurrency, its value is just $48.66 billion, meaning that the company’s tokens are holding a net unrealized loss of more than 10.7%.
Strategy’s holdings have gone underwater as a result of the downturn that Bitcoin and the digital asset sector as a whole have faced in recent months. The collapse since the end of January, in particular, has taken the token’s price below the firm’s cost basis. At present, the company’s acquisition level is sitting at $76,027.
Strategy’s latest purchase was its 99th overall since the company adopted a Bitcoin treasury model back in 2020. Saylor’s routine Sunday post foreshadowing the acquisition referenced this, with the chairman using the caption “99>98” alongside an image of the company’s BTC portfolio tracker.
BitMine has continued to buy even as the firm’s holdings have been in a significant amount of loss due to the market downturn. “In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance,” noted Tom Lee, BitMine chairman.
BTC PriceAt the time of writing, Bitcoin is floating around $67,700, down nearly 2% in the last seven days.
