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Saylor signals third consecutive Strategy Bitcoin buy in August
Strategy co-founder Michael Saylor signaled an impending Bitcoin (BTC) purchase, and, if completed, the transaction will mark the company’s third BTC acquisition in August.
The company’s most recent Bitcoin buy occurred on August 18, when Strategy purchased 430 BTC for $51.4 million, bringing its total holdings to 629,376 BTC, valued at over $72 billion at the time of this writing.
Data from SaylorTracker shows Strategy is up over 56% on its BTC investment, representing over $25.8 billion in unrealized gains at current prices.
Strategy leads the charge in corporate BTC acquisition and is the largest BTC treasury company by a wide margin. Saylor continues to advocate for Bitcoin by orange-pilling individual investors and financial institutions, sparking a movement in corporate finance.
Related: Are struggling firms using crypto reserves as a PR lifeline?
Strategy is not directly impacting Bitcoin market prices with its acquisition plan
Shirish Jajodia, the company’s corporate treasurer, recently told podcaster Natalie Brunell that Strategy does not move the BTC market with its purchases.
The company acquires BTC through over-the-counter transactions, private agreements between parties that occur outside of spot exchanges, and other methods that do not impact market price.
Institutional investors hold BTC long-term, which raises the floor price of Bitcoin over time. However, other factors, like price speculation and traders, have a more immediate impact on the short-term market price of BTC, Jajodia said.
“Bitcoin’s trading volume is over $50 billion in any 24 hours — that's huge volume. So, if you are buying $1 billion over a couple of days, it's not actually moving the market that much,” he added.
The company’s stock sank to its lowest point in nearly four months on Wednesday, hitting a low of about $325 per share, levels not seen since April. However, the price rebounded to around $358 per share on Friday.
Magazine: Scottie Pippen says Michael Saylor warned him about Satoshi chatter