Strategy (formerly MicroStrategy) (NASDAQ:MSTR) has purchased more Bitcoin.
The original digital asset treasury (DAT) firm has decided to buy more BTC during a period of volatility, when Bitcoin has lost a significant portion of its value.
In an 8-K filed with the SEC on February 9th, Strategy reported that from February 2 to February 8, it purchased 1,142 Bitcoin at an average price of $78,815 per Bitcoin.
As of February 8th, Strategy holds 714,644, making it one of the largest holders of Bitcoin in the market, controlling roughly 3.4% of the market. (the mysterous creator of Bitcoin, Satoshi, remains the largest holder of BTC)
MicroStrategy sold Class A shares to finance the purchase.
Currently, Bitcoin is trading up from its recent low of around $60,000 at around $70,800, which is below the price Strategy paid in its most recent transaction.
It has been reported that Strategy’s DAT approach will become problematic only if Bitcoin trades between $8,000 to $25,000 and stays there for an extended period.