Strategy (NASDAQ: $MSTR) dramatically increased its purchases of Bitcoin (CRYPTO: $BTC) over the past week, acquiring $2.01 billion U.S. worth of the largest cryptocurrency.
The company, led by Executive Chairman Micharl Saylor, bought 24,869 Bitcoins at an average price of $80,985 U.S. each.
The purchases over the past week were made with BTC trading at a multi-month high. In recent days, Bitcoin’s price has slumped to $77,000 U.S. amid a selloff in risk assets such as crypto.
Still, the latest acquisition brings Strategy’s total holdings of Bitcoin to 843,738 tokens, purchased for a total of $64 billion U.S.
The company’s average cost basis now stands at $75,700 U.S. per Bitcoin, according to its latest regulatory filing.
Strategy’s purchases over the past week were funded almost entirely by sales of the company’s high-yielding preferred stock (NASDAQ: $STRC).
Saylor has said in recent interviews that he feels the cryptocurrency winter that began last October is now over and the worst is behind Bitcoin.
MSTR stock has declined 57% over the last 12 months to trade at $17.42 U.S. per share.
