Strategy adds $50M in Bitcoin holdings to crypto stockpile

Michael Saylor’s company increased its acquisition of BTC over the previous week by purchasing another 487 coins as part of its $67 billion treasury

Michael Saylor’s Strategy increased its cryptocurrency buying strategy by acquiring 487 Bitcoin worth about $50 million, marking an escalation over its previous week’s report.

In a Monday filing with the US Securities and Exchange Commission, Strategy said it had acquired 487 Bitcoin at an average price of $102,557 per coin — about $50 million.

The addition of the BTC brought the company’s total holdings to 641,692 BTC, or more than $67 billion at the time of publication.

The previous week, Strategy reported purchases of 397 BTC, a modest 1.8% increase over its purchases in the last week of October, when it bought 390 BTC at about $43 million. Reports suggested that some institutional players were looking to Strategy’s investments as a bellwether for acquiring the company’s shares and exposure through exchange-traded funds.

As of Monday, according to data from Nansen, the price of Bitcoin was $105,321, having surged by about 1.5% in the previous 24 hours.