Strategy (MSTR), the world’s largest Bitcoin-owning company appeared not to have taken advantage of last week’s market rout to buy the price decline.
According to Monday’s press release, the company purchased 220 BTC at an average price of $123,561. The company used the proceeds from the sale of its various preferred shares (STRF, STRK, STRD), raising $27.3 million.
This purchase price was well above the prices at which the largest cryptocurrency changed hands during the second half of the week. Bitcoin plunged from more than $123,000 on Thursday to $103,000 on Friday evening during one, if not the worst crypto crash on record, liquidating more than $19 billion in leveraged positions.
The move came as Trump announced a 100% increase in tariffs on Chinese goods in retaliation for a squeeze on exports of rare earth metals, reigniting fears of a trade war between the two world powers.
At its lowest point on Friday, BTC traded nearly 16% below Strategy’s recent buy price average. Even during the rapid weekend rally, the company could have purchased tokens for between $110,000 and $115,000, at a 7% to 10% discount from what it paid.
With the latest purchase, the company increased its total holding to 640,250 BTC, at an average acquisition price of $73,000 since launching its Bitcoin Cash Plan in 2020.
MSTR, the company’s common stock, rose 2.5% on Monday.
