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After spending about $1 billion to buy about 14,000 bitcoins, “Strategy” has resumed intensive purchases of bitcoins, a move that reflects the continuation of its long-term bet on the digital currency.
With this transaction, the company’s total Bitcoin holdings increased to approximately 780,000, worth approximately $59 billion.
Despite the significant expansion, the company still recorded approximately $3.5 billion in unrealized losses as the average acquisition price was higher than current prices.
The move comes after Michael Saylor hinted at intentions to implement a block trade, stressing that the company’s model hinges on generating returns from Bitcoin growth beyond a certain limit, allowing the company’s obligations to be taken on without the need to issue new shares.
The strategy reflects the company’s performance being closely tied to Bitcoin’s movements, as the company’s shares have fallen about 18% since the beginning of the year, in lockstep with the performance of the digital currency Bitcoin.
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