Bitcoin News Today: Strategy Adds 155 BTC in $18M Purchase to Celebrate Five-Year Treasury Strategy

Michael Saylor’s Strategy, the largest publicly traded company holding Bitcoin, announced the acquisition of $18 million worth of BTC on August 11, 2024, marking five years since it first adopted Bitcoin as a corporate treasury asset. According to a filing with the US Securities and Exchange Commission, the company purchased 155 Bitcoin during the week ending Sunday at an average price of $116,401 per coin. Bitcoin’s price fluctuated during the period, opening the week at $114,000 and rising to nearly $122,000 by the week’s end, as reported by CoinGecko [1].

This purchase increases Strategy’s total Bitcoin holdings to 628,946 BTC, with the total cost of acquisitions now standing at approximately $46.1 billion, at an average price of $73,288 per coin. Strategy began its BTC treasury strategy on August 11, 2020, with an initial $250 million purchase of 21,454 Bitcoin. Since then, it has made 74 separate Bitcoin purchases, maintaining a consistent buy-and-hold strategy regardless of price fluctuations [1].

The price of Bitcoin has surged by 960% since Strategy’s first purchase in 2020, rising from around $11,400 to nearly $120,000 at the time of the latest acquisition. This substantial appreciation has generated significant returns for the firm. Saylor, the co-founder of Strategy, reiterated his bullish stance on Bitcoin, stating on X, “If you don’t stop buying Bitcoin, you won’t stop making money.” In June 2024, he also updated his long-term price forecast, predicting that Bitcoin could reach $21 million in 21 years [1].

The firm’s ongoing commitment to Bitcoin reflects a broader trend of institutional adoption, as more corporations and financial institutions recognize the digital asset’s potential as a store of value and a strategic allocation. By publicly disclosing this latest acquisition, Strategy aims to signal its continued confidence in Bitcoin’s long-term trajectory and to reinforce its leadership in the digital asset space [2].

Analysts noted that such institutional purchases, while not direct drivers of price movements, contribute to a narrative of growing institutional legitimacy for Bitcoin. This can influence market sentiment and encourage further diversification into digital assets among investors and corporate treasuries. The broader market responded positively to Strategy’s announcement, with Bitcoin’s price seeing a modest increase in the hours following the news [3].

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[1] CoinMarketCap, Strategy Buys $18M in Bitcoin to Celebrate Five Years of BTC Adoption (https://coinmarketcap.com/community/articles/6899dd8a169dd92d1050f1a1/)

[2] Wikipedia, Cryptocurrency (https://en.wikipedia.org/wiki/Cryptocurrency)