Michael Saylor’s firm, the largest corporate holder of Bitcoin globally, increased its BTC holdings last week following the US Federal Reserve’s first interest rate cut of the year.
The firm acquired 850 Bitcoin (BTC) for $99.7 million during the week ending Sunday, according to a filing with the US Securities and Exchange Commission made on Monday.
The acquisition was at an average price of $117,344 per coin, coinciding with BTC’s brief rise to multi-week highs above $117,000 on Thursday, following the Fed’s 25 basis point rate cut, according to data from CoinGecko.
This latest purchase brings the firm’s total Bitcoin holdings to 639,835 BTC, acquired for approximately $47.3 billion at an average price of $73,971 per coin.
Continued Decline in Buying as Bitcoin Goes “Boring”
The recent Bitcoin acquisition reflects a trend of modest purchases, showing a slowdown compared to the larger acquisitions seen earlier this year.
In September to date, the firm has bought 3,330 Bitcoin, a significant drop from the 7,714 BTC acquired in August, which was itself down 75% from July’s 31,466 BTC.
Saylor, known for his resolve to purchase more Bitcoin even at elevated prices, commented on the subdued volatility of Bitcoin over recent months amidst rising institutional interest.
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“The conundrum is, well, if the mega institutions are going to enter and the volatility decreases, it will be dull for some time, and due to this boredom, people’s excitement levels are likely to diminish,” he stated in an interview last week.
Increased Purchases by Smaller Holders
Even though the firm’s Bitcoin acquisitions have slowed in the past two months, other entities, such as Japan’s Metaplanet, have been actively increasing their BTC portfolios.
Metaplanet revealed a purchase of 5,419 BTC on Monday, raising its Bitcoin holdings to 25,555 coins, making it the fifth-largest corporate Bitcoin treasury.
The firm’s latest Bitcoin purchase coincides with Saylor’s participation in a US government-hosted roundtable aimed at furthering the US Bitcoin reserve bill, known as the BITCOIN Act, scheduled for Tuesday.
Initially introduced by US Senator Cynthia Lummis in July 2024, the BITCOIN Act aims for the US government to acquire 200,000 Bitcoin annually over five years, culminating in the purchase of 1 million Bitcoin.
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