Michael Saylor’s Strategy, the largest public holder of Bitcoin (BTC), increased its cryptocurrency holdings as the BTC price fell below $110,000 last week.
During the week ending Sunday, Strategy acquired 196 Bitcoin for $22.1 million, as detailed in a US Securities and Exchange Commission filing released on Monday, according to the report.
The purchase occurred at an average price of $113,048 per coin, with BTC starting the week above $112,000 and plunging below $110,000 last Thursday, according to CoinGecko.
With this acquisition, Strategy now holds a total of 640,031 BTC, amassed for approximately $47.35 billion at an average price of $73,983 per coin.
Saylor anticipates Bitcoin’s rise towards year-end
Strategy’s recent $22 million Bitcoin purchase is one of the smallest weekly acquisitions by the company to date, indicative of a continued buying slowdown with diminished acquisitions over recent months.
Last week, Strategy co-founder Saylor forecasted that Bitcoin would begin to increase as the year concludes, following a phase of pressure from increasing institutional adoption.
“I believe that as we navigate the recent resistance and some macro challenges, we will see Bitcoin begin to rise smartly again toward year-end,” he stated.
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