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Perhaps the most notable piece of news within the crypto industry on Monday came from Strategy, as the company started buying more BTC again after completing a few sales and rebuilding its USD reserve to over $6.7 billion.<\/p>\n
Although that might sound celebratory at first, it’s worth taking a closer look at when the firm sold and when it bought more bitcoin, as it turns out it realized substantial losses amid the asset’s price recovery.<\/p>\n
As reported<\/a> yesterday, the largest corporate holder of the leading cryptocurrency spent $370 million to acquire 4,603 BTC at an average price of $80,310 per unit. This means that the acquisition took place during the previous week when bitcoin jumped past $80,000 for the first time since last May. However, its actual time spent above that coveted level was quite brief.<\/p>\n Nevertheless, this purchase came after four consecutive sales completed between June 30 and August 10, as Santiment explained<\/a>. Within this timeframe, the company offloaded 6,916 BTC, worth roughly $430 million at the time, at an average price of approximately $62,100.<\/p>\n Consequently, the reacquired 4,603 BTC managed to offset approximately two-thirds of everything the firm sold during the summer. What’s quite intriguing is that Strategy’s purchase came at a price almost $18,000 per BTC higher than the average during the sales.<\/p>\n Analysts such as Micha\u00ebl van de Poppe brought up the timing, saying<\/a> that they are “genuinely impressed” by the fact that the purchasing power has returned around BTC’s recent peak.<\/p>\n On the plus side, bitcoin’s spectacular resurgence from the recent low-$60,000s to almost $80,000 as of press time means that Strategy’s massive position has turned<\/a> green again. The firm, which stood at an unrealized loss of well over $10 billion until a few weeks ago, is now above water by around $2.3 billion.<\/p>\n Strategy used the past couple of months, in which it sold some BTC and didn’t buy any to raise additional funds by selling MSTR to increase its USD reserve. The total is now over $6.7 billion.<\/p>\n In addition, it repurchased a significant portion of its STRC shares, whose price had tumbled far below the par level of $100 to as low as $75. However, rebuilding the USD reserve and buying back shares helped STRC recover to just over $97 as of Monday’s closing price.<\/p>\n The post Saylor\u2019s Bitcoin U-Turn: Strategy Sells at $62K, Buys Back at $80K<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\nSTRC Recovers<\/h2>\n
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