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Strategy Company, the largest public company with Bitcoin on its balance sheet, continues its policy of accumulating Bitcoin despite growing talk of the market entering a clear decline.
The company announced the purchase of 592 Bitcoins for approximately $40 million, with an average price of $67,286 per coin.
This brings its total Bitcoin holdings to 717,722 Bitcoins, with a total purchase cost of approximately $54.56 billion and an average price of $76,020 per Bitcoin.
The latest transactions appear modest compared to previous hefty purchases by the company, which spent more than $1 billion on a one-time purchase of 13,627 Bitcoins about a month ago.
At the time, the company’s unrealized profits exceeded $10 billion, benefiting from near-historic peak Bitcoin trading.
But the situation has changed fundamentally.
With the price of Bitcoin falling to around $66,200, Strategy currently faces nearly $7 billion in unrealized losses due to the difference between the market price and the average purchase cost.
To fund the latest transaction, the company sold approximately 297,940 Class A shares through its over-the-market (ATM) program.
The company still has strong financing capabilities in the future, with approximately $37.4 billion in securities available for sale, including $7.8 billion in MSTR shares and $20.3 billion in STRK shares.
Despite growing concerns that the downtrend will continue, The Strategy appears to be sticking to its long-term approach, continuing to buy even as the margin of safety shrinks and Bitcoin is about 50% off its all-time peak.
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