Michael Saylor’s Bitcoin (BTC) treasury company, Strategy, hasn’t been dissuaded by recent crypto market price struggles.
Saylor says the firm just bought 10,645 BTC for approximately $980.3 million at a price of $92,098 per Bitcoin.
Strategy (MSTR) now owns 671,268 BTC acquired for approximately $50.33 billion, at a cost of $74,972 per Bitcoin.
Saylor says Strategy has achieved a BTC yield of 24.9% year-to-date. The firm, listed on the Nasdaq under the ticker MSTR, is the world’s largest corporate Bitcoin holder. It was also the first company to use BTC as its sole treasury asset.
The firm’s stock has been on a downswing amid crypto market woes, with MSTR slumping by nearly 10.5% in the past five days and more than 16.8% in the past month.
In a Bloomberg interview earlier this year, Saylor predicted that Bitcoin would not have to endure future boom-and-bust cycles.
“Winter’s not coming back. We’re past that phase. Bitcoin’s not going to zero, it’s going to $1 million.”
The Strategy founder said his bullishness was due to the Trump Administration’s embrace of crypto and the doors it opened for future institutional adoption.
“The banks are going to custody Bitcoin. Bitcoin has gotten through its riskiest period, the accounting has been corrected.
There’s now only 450 Bitcoin a day available for sale by natural sellers, that’s the miners. At this level, that works out to about $50 million of Bitcoin available for sale every day. If that $50 million is bought, then the price has got to move up to find any seller that’s price sensitive.”
BTC is trading at $85,731 at time of writing. The top-ranked crypto asset by market cap is down nearly 3.5% in the past 24 hours.
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Featured Image: Shutterstock/Larich