The company behind the largest Bitcoin treasury announced it had returned to buying large amounts of the cryptocurrency following a $835 million purchase.
In a Monday filing with the US Securities and Exchange Commission, Michael Saylor’s Strategy reported acquiring 8,178 Bitcoin (BTC) for about $835 million. The purchase represented a significant increase compared to the company’s BTC investments in October and earlier in November, which it reported to be about 400-500 coins per week.
The acquisition came amid significant volatility in the price of Bitcoin. According to data from Nansen, BTC price fell by about 11% in the previous seven days, reaching $94,191 at time of publication.
Strategy remains the company with the most extensive Bitcoin treasury at 649,870 BTC, following its initial strategy of consistently buying the cryptocurrency, which began in August 2020. BitMine Immersion Technologies holds the most Ether (ETH), and Forward Industries has the biggest position on Solana (SOL).
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Despite the Bitcoin price flash crash last week, Saylor, Strategy’s executive chair, said in an interview and on social media that the company continued to acquire the cryptocurrency. The share price of the company’s MSTR stock on Nasdaq has also declined, falling more than 16% in the previous five days to $197.03 at the time of publication.
Strategy chair to debate gold bug?
Over the weekend, gold investor and outspoken Bitcoin critic Peter Schiff challenged Saylor to a debate on stage at Binance Blockchain Week in Dubai in December. Schiff said Strategy’s “entire business model [was] a fraud.”
At the time of publication, Saylor did not appear to have publicly responded to the challenge.
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