Strategy, the company of popular Bitcoin evangelist Michael Saylor, acquired a new batch of BTC for its balances. With this, the firm takes a new step in its race to become the largest entity in the world holding this digital currency. The most significant milestone in the short term for the firm is to reach 600,000 bitcoins. However, that amount is far from its final goal.
On numerous occasions, the aforementioned Saylor emphasizes that the firm will not abandon its purpose of accumulating relentlessly. He adds that it is the most valuable financial asset in the world and thus it is not worth diversifying, given that everything tends to zero against BTC. Recently, the executive highlighted that he buys in BTC what he is not willing to lose.
With this last point, it is highlighted that in the relationship between Bitcoin and the US dollar, the US currency is the risky asset. In any case, the company announced the purchase of 4,020 bitcoins during the past week. For this, it injected a total of $427 million. According to the official statement, the average purchase was $106,237 per coin.
Now that Strategy has acquired a huge new batch of Bitcoin, its total reserves amount to 580,250 BTC. The investment price of all these coins is $40.16 billion, which corresponds to an average purchase price of $69,979 per BTC. Meanwhile, the value of those tokens at the current price is $63.74 billion.
Michael Saylor confirmed a new purchase of BTC by Strategy. Source: Saylortracker
Unrealized gains of Strategy with Bitcoin continue to grow
Thanks to its constant investments in BTC over the past few years, Saylor's company has enormous unrealized gains. These are approaching $24 billion at the time of writing this note. This is a huge growth that makes this company a reference for how successful it can be to add BTC to corporate balances.
In fact, about 100 companies listed on exchanges around the world have recently followed the example of Strategy. Although large Wall Street firms still do not dare to take the step, BTC enthusiasts assure that it is only a matter of time before they do.
When this happens, it will be complicated for any entity to acquire the same amount of coins that Strategy holds. The token price is expected to reach enormous dimensions in the coming years. This is considering that both Wall Street giants and the US government and others will also join this accumulation race.
Meanwhile, Strategy is ramping up its aggressive Bitcoin purchases. Apparently, the firm is aware that the price of the currency will soon increase dramatically.
According to Strategy, in the coming years it will allocate a total of $84 billion to continue the current pace of coin purchases. To raise these funds, it will maintain its current strategy of diluting its shares and issuing debt.