Key Takeaways
- After its latest purchase of 6,220 BTC, Strategy now holds 607,770 bitcoins.
- The firm’s last acquisition in June preceded a new all-time high Bitcoin price.
- With BTC currently trading comfortably just below the $120,000 mark, in its latest acquisition, Strategy paid around $118,940 per bitcoin.
Strategy has once again expanded its massive Bitcoin treasury, purchasing 6,220 BTC for approximately $739.8 million.
The move comes barely a month after a massive $1 billion BTC purchase that preceded the cryptocurrency’s climb to an all-time high earlier this July.
Well-Timed Accumulation
While Strategy hasn’t always nailed the timing of its Bitcoin acquisitions, its recent buys have benefited from upward momentum in the price of BTC since early April.
The billion-dollar purchase in June was one of Strategy’s largest and preceded a market rally in the second week of July that helped push Bitcoin to a new all-time high.
With BTC currently trading comfortably just below the $120,000 mark, in its latest acquisition, Strategy paid around $118,940 per bitcoin.
As of July 20, the firm held a total of 607,770 BTC acquired for around $43.61 billion.
The Original Bitcoin Treasury Company
Since Strategy first embarked on its Bitcoin treasury journey in 2020, a host of copycats have cropped up looking to emulate its model.
Some, like Metaplanet, have also gone all in on the scramble for BTC, essentially sidelining their original business to accumulate crypto. But others have sought a more balanced approach.
Diverging Strategies
There is a growing trend for companies like GameStop incorporating crypto into their reserves as a hedge against inflation, without necessarily becoming pure-play Bitcoin treasury firms.
Asked if he was looking to turn the firm into a “mini MicroStrategy” recently, Gamestop CEO Ryan Cohen denied the charge.
“We have our own strategy,” he insisted, emphasizing that BTC is just one asset of many on the retailer’s balance sheet.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
