Strategy Clarifies: No Bitcoin Purchases in Volatile Week
1min read Strategy, a leading technology company, has clarified that it did not purchase any Bitcoin (BTC-USD) between February 24 and March 2. As of March 2, the firm and its subsidiaries collectively held 499.1K bitcoins, which were acquired at an aggregate purchase price of approximately $33.1 billion.
This announcement comes amidst a period of significant volatility in the cryptocurrency market, with Bitcoin's price fluctuating between $38,000 and $48,000 during the same period. Despite the price fluctuations, Strategy's decision to maintain its Bitcoin holdings suggests a long-term commitment to the cryptocurrency.
Strategy's initial foray into Bitcoin began in August 2020, when the company purchased 21,454 bitcoins at an average price of $10,617 per bitcoin. Since then, the company has continued to accumulate Bitcoin, with its holdings now representing a significant portion of its total assets.
The company's Bitcoin strategy has been praised by some investors and criticized by others. Some argue that Bitcoin's volatility makes it an unsuitable investment for a company like Strategy, while others point to the cryptocurrency's potential for long-term growth and its role as a hedge against inflation.
Strategy's decision not to purchase Bitcoin last week may be seen as a strategic move to preserve its capital during a period of market uncertainty. However, the company's long-term commitment to Bitcoin remains clear, as evidenced by its substantial holdings and its history of consistent accumulation.
