Strategy Acquires 245 Bitcoin Worth 24.8 Million Amid Geopolitical Uncertainty

Strategy, a Virginia-based software firm, has acquired 245 Bitcoin, valued at approximately $24.8 million at current prices. This purchase, made between June 16 and 22, is the company's second-smallest Bitcoin acquisition this year. The firm now holds a total of 592,345 Bitcoin, worth roughly $60 billion based on the current price of Bitcoin as listed on a crypto data provider.

The latest acquisition comes at a time of rising geopolitical uncertainty, particularly in the Middle East. Tensions between Iran and Israel have escalated, with both countries exchanging missile fire and the U.S. bombing sites suspected of being key in Iran's nuclear weapons development. These developments have driven investors away from risk-on assets like cryptocurrencies and towards safe-haven investments such as gold.

Bitcoin's price has been affected by these geopolitical tensions, trading at $101,640, down 5.6% over the past week. This marks the first time Bitcoin has fallen below $100,000 since early May. The total cryptocurrency market capitalization has also decreased by about 6% to $3.2 trillion during the past seven days.

In contrast, gold futures opened at $3,400.70 per ounce on Monday, a 1% increase from their closing price on Friday. Oil futures were also trading higher after a series of bombings last week, jumping more than 4%. Despite the widespread macroeconomic uncertainty, Strategy has been consistently buying Bitcoin for eleven weeks straight, spending more than $6 billion on the digital asset since mid-April.

Other companies have also shown their commitment to Bitcoin. A technology company based in Brazil unveiled its latest Bitcoin purchase worth $28.61 million on Monday. Additionally, a Tokyo-listed company bought 1,111 Bitcoin worth $118 million, bringing its total holdings to exactly 11,111 BTC as it aims to acquire 100,000 Bitcoin by the end of 2026.

Strategy's decision to scale back its Bitcoin purchases amid the current market conditions reflects a cautious approach to investing in the digital asset. The firm's continued acquisition of Bitcoin, despite the recent dip in its price, demonstrates its long-term confidence in the cryptocurrency's potential. However, the geopolitical tensions and the shift in investor sentiment towards safe-haven assets may influence Strategy's future Bitcoin purchases.