Strategy bought 1,142 Bitcoin last week as prices slid to multi-year lows, underscoring executive chairman Michael Saylor’s commitment to aggressive accumulation despite deepening paper losses.
The purchase lifted Strategy’s total Bitcoin holdings to 714,644 coins valued at more than $49 billion, even as unrealised losses widened with Bitcoin trading around $69,000.
“Strategy has acquired 1,142 BTC for ~$90.0 million at ~$78,815 per bitcoin,”
Saylor said, adding that the company now holds 714,644 BTC acquired for about $54.35 billion.
Data from Bitcoin Treasuries shows Strategy’s average cost per Bitcoin is just over $76,000, leaving the firm facing roughly $5 billion in unrealised losses after the latest market downturn.
The company has also reported a $17.4 billion operating loss and a $12.4 billion net loss, while continuing to dilute shareholders through common stock and preferred share issuance to fund further Bitcoin purchases.
Despite the pressure on its balance sheet, Wall Street analysts remain bullish on Strategy’s stock, with firms including Cantor Fitzgerald, BTIG and Truist Financial forecasting significant upside.
Analysts say any sustained recovery in Strategy’s share price will hinge on a rebound in Bitcoin, which previously drove the stock up nearly 30% during sharp market rallies.
At the time of reporting, Bitcoin price was $70,487.91.