$BTC
Saylor bought again.
Last week, from November 2 to 8, Strategy spent $81.9 million to scoop up 1,036 coins at an average price of $79,012.
It now holds 850,364 coins, with a total cost of $64.16 billion and an average price of $75,456.
The price they paid is interesting.
They bought at $79,012, and BTC is now at $74,650.
The average cost for the whole stack is $75,456, so the price has already fallen below their cost basis, leaving them with an unrealized loss.
Even more striking is another transaction.
That same week, they spent $188 million buying back their own preferred shares, STRC—more than twice what they spent on Bitcoin.
Where did the money come from? They sold 2.05 million MSTR shares, raising $284 million.
Strive also joined in, spending $2.2 million on 29 coins at an average price of $75,721, bringing its holdings to 43,153 coins.
Put simply, the big players are still buying, but they're being more cautious than before.
They bought 811 coins the week before last and 1,036 this week—small, steady steps.
They're spending more to support their preferred shares than to accumulate coins, which suggests they're more worried about STRC falling below $100 than about Bitcoin's price dropping.
I'm not following this trade.
Until the price gets back above the $75,456 cost basis, institutional buying the dip is still just catching a falling knife.
Let's see if $73,200 holds or if the price gets back above $75,000 first.
Just my personal opinion—not investment advice.
#StrategyBoughtBitcoinAgain
Saylor bought again.
Last week, from November 2 to 8, Strategy spent $81.9 million to scoop up 1,036 coins at an average price of $79,012.
It now holds 850,364 coins, with a total cost of $64.16 billion and an average price of $75,456.
The price they paid is interesting.
They bought at $79,012, and BTC is now at $74,650.
The average cost for the whole stack is $75,456, so the price has already fallen below their cost basis, leaving them with an unrealized loss.
Even more striking is another transaction.
That same week, they spent $188 million buying back their own preferred shares, STRC—more than twice what they spent on Bitcoin.
Where did the money come from? They sold 2.05 million MSTR shares, raising $284 million.
Strive also joined in, spending $2.2 million on 29 coins at an average price of $75,721, bringing its holdings to 43,153 coins.
Put simply, the big players are still buying, but they're being more cautious than before.
They bought 811 coins the week before last and 1,036 this week—small, steady steps.
They're spending more to support their preferred shares than to accumulate coins, which suggests they're more worried about STRC falling below $100 than about Bitcoin's price dropping.
I'm not following this trade.
Until the price gets back above the $75,456 cost basis, institutional buying the dip is still just catching a falling knife.
Let's see if $73,200 holds or if the price gets back above $75,000 first.
Just my personal opinion—not investment advice.
#StrategyBoughtBitcoinAgain