Buy Bitcoin strategy again this week despite the heavy environment for the firm

Source: CritpoTendencia Original Title: Strategy buys Bitcoin again this week despite tough environment for the firm Original Link: Strategy, the company of Bitcoin evangelist Michael Saylor, has once again made a massive purchase of BTC despite the tense situation the firm is experiencing. It is noteworthy that this is a heavy buy aimed at restoring investor confidence in the company’s ability to raise capital.

According to the corresponding document filed with the SEC, this new purchase amounts to 10,645 bitcoins. These coins were bought for an overall amount of $980.3 million. The average purchase price is $92,048 per coin, increasing the company’s corporate reserves.

After this new acquisition, the firm’s BTC strategy now shows a year-to-date return of +24.79%. Additionally, its total reserves in the largest virtual currency amount to 671,268 BTC, with a purchase value of $50.33 billion and an average price of $74,972 per coin.

At the time of writing, these reserves have a market value of $59.96 billion. This massive Bitcoin purchase by Strategy once again highlights the company’s ability to access public capital to support its treasury strategy.

However, purchases by this company are almost a rarity in the cryptocurrency treasury sector. Few companies have been buying lately due to the lack of capital interest in the sector over the past several months.

Strategy buys Bitcoin amid a challenging environment

Saylor’s firm’s new BTC acquisition occurs in a context that does not look entirely promising. In particular, an interest rate hike by the Bank of Japan is expected, which slows capital flow into equities in this major global economy.

Indirectly, this decision by the Japanese central bank could negatively impact Bitcoin’s spot market price. As a consequence, Strategy’s shares could enter a new phase of liquidations. This would worsen the already negative environment surrounding the company.

Nevertheless, Strategy continues to show strength, and this new Bitcoin purchase adds to another similar massive buy two weeks ago. These large purchases take place shortly after rumors of a potential BTC sale emerged. However, the management created a $1.44 billion fund to ensure obligations are met without having to liquidate some of its coins.

Just before the market opening on Monday, the company’s shares are trading at -0.22% in the pre-market. By the end of last week, there were also red figures, and the asset price closed at $176.45 per share, according to Yahoo Finance.

Meanwhile, Bitcoin’s price remains below $90,000 per coin.