'Whales' buy Bitcoin at the bottom.

Following the announcement of selling 32 Bitcoin, Strategy quickly acquired an additional 1,550 Bitcoin at the exact moment the cryptocurrency's price dropped sharply.

Executive Chairman Michael Saylor announced that Strategy has just purchased an additional 1,550 Bitcoin. Photo: Reuters .

According to an announcement on June 8th (local time) by Chairman Michael Saylor, Strategy purchased an additional 1,550 Bitcoin for a total value of approximately $101 million , thereby increasing its total Bitcoin holdings to 845,256 Bitcoin, equivalent to an average cost of $75,680 per Bitcoin.

This transaction comes after the price of Bitcoin dropped by about 15% last week, even falling below $60,000 at one point before recovering to above $62,000 . The decline in the world's largest cryptocurrency occurred after Michael Saylor sold 32 Bitcoins on June 1st, according to CoinDesk. This was Strategy's first Bitcoin purchase since the sale, helping the company both increase its Bitcoin reserves and strengthen liquidity on its balance sheet.

Strategy announced that it has increased its USD reserves by $100 million , bringing its total cash holdings to $1 billion . To finance both the Bitcoin purchase and the increase in cash reserves, the company issued an additional $181 million in common stock during this period.

The latest purchase was made at an average price of $65,332 per Bitcoin, significantly lower than Strategy's overall average purchase price of $75,680 per Bitcoin. Following this latest transaction, Strategy now owns a total of 845,256 Bitcoin, purchased at a total cost of nearly $64 billion , solidifying its position as the world's largest listed company holding Bitcoin.

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Analysts at JPMorgan Chase believe the sale of 32 Bitcoin was primarily symbolic and entirely voluntary. However, they note that the move still caused concern in the market.

JPMorgan noted that after Strategy agreed to repurchase $1.5 billion worth of interest-free convertible bonds (maturing in 2029), the company's cash reserves were only sufficient to cover approximately 6.3 months of dividends on its outstanding preferred stock. This raised questions about the company's "financial buffer zone."

Recently, STRC preferred stock has been the primary fundraising tool for Strategy's Bitcoin acquisition. However, since mid-May, STRC has no longer traded around its face value of $100 , rendering this tool almost ineffective for fundraising. Therefore, this Bitcoin acquisition must rely on the issuance of additional MSTR common stock.

As of June 7th, Strategy still has significant room to raise capital to further expand its Bitcoin portfolio. The company currently has approximately $25.96 billion in unused MSTR stock issuance limit, and has also received approval for an additional $21 billion in new MSTR shares, $21 billion in STRC preferred stock, and $2.1 billion from other fundraising programs. This indicates that the company still has substantial resources to continue its Bitcoin accumulation strategy.

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Source: https://znews.vn/ca-voi-bat-day-bitcoin-post1658315.html