Michael Saylor’s Strategy, the world’s largest public holder of Bitcoin, added another large tranche of BTC to its holdings last week, pushing total reserves above 738,000 BTC.
Saylor’s Strategy acquired 17,994 Bitcoin (BTC) for $1.28 billion last week, according to a US Securities and Exchange Commission filing on Monday.
The purchase marks the largest BTC acquisition made by Strategy since January, when it acquired 22,305 BTC for $2.13 billion at an average price of $95,284 per BTC.
The latest purchase was made at an average price of $70,946 per Bitcoin, below the company’s overall average acquisition price of $75,862, Strategy said, but well above the $67,000 level at which BTC traded for most of the week.
The purchase brings its holdings to 738,731 BTC, acquired for a total cost of roughly $56 billion, the company said.
The first major buy below Strategy’s cost basis
Strategy’s latest Bitcoin purchase marks one of its largest BTC acquisitions on record, despite BTC trading below the company’s cost basis.
In the past, during similar below-cost periods around 2022-2023, Strategy typically avoided larger buys, completing a total of 28,560 BTC across seven smaller purchases.
According to SaylorTracker, Strategy has already completed five acquisitions during the current below-cost period, buying a total of 25,229 BTC since Feb. 9.
Since Feb. 9, Strategy’s average cost basis has so far dropped 0.25%, from $76,052 to $75,862.
The amount of Bitcoin purchased in Strategy’s latest buy far exceeds the pace of new BTC supply entering circulation, commentators noted on X.
According to data from BitBo, about 450 BTC are mined per day, or roughly 3,150 BTC per week. By acquiring nearly 18,000 BTC, Strategy purchased the equivalent of about five weeks of newly mined Bitcoin.
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Strategy’s holdings of about 738,000 BTC now account for roughly 3.7% of Bitcoin’s circulating supply, which is expected to reach 20 million coins on Monday.
At publication, BTC traded at $67,725, up around 2.4% over the past seven days, according to CoinGecko. Strategy (MSTR) shares also rebounded 3.6% over the past week, closing at $133.5 on Friday, according to TradingView.
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