Michael Saylor’s Strategy Buys $22M Bitcoin As Price Drops

Michael Saylor’s Strategy, the world’s largest public holder of Bitcoin, added more of the cryptocurrency as the BTC price dropped below $110,000 last week.

Strategy acquired 196 Bitcoin for $22.1 million during the week ending Sunday, according to a US Securities and Exchange Commission filing on Monday.

The purchase was made at an average price of $113,048 per coin as BTC started the week above $112,000 and dropped below $110,000 last Thursday, according to CoinGecko.

Following the acquisition, Strategy now holds a total of 640,031 BTC, purchased for about $47.35 billion at an average price of $73,983 per coin.

Saylor expects Bitcoin to start rising toward the year-end

Strategy’s latest $22 million Bitcoin purchase is one of the smallest weekly BTC acquisitions made by the company to date, marking an ongoing buying slowdown with shrinking acquisitions in the past few months.

Last week, Strategy co-founder Saylor predicted that Bitcoin would start to rise toward the end of the year after facing a period of pressure from growing institutional adoption.

“I think that as we work through the resistance of late and some macro headwinds, we’ll actually see Bitcoin start to move up smartly again toward the end of the year,” he said.