Michael Saylor has announced that his Bitcoin treasury firm, Strategy, is resuming its weekly Bitcoin purchases after a brief hiatus at the end of March. In a recent post on X, Saylor indicated that the firm is back to buying, following its last significant purchase of approximately $77 million worth of Bitcoin at $74,326 per coin on March 23. The firm primarily funds these acquisitions through the sale of its perpetual preferred stock, Stretch (STRC), which is designed to maintain a trading value around $100.
This resumption of purchases is notable as Strategy has plans to raise $44.1 billion to continue its Bitcoin buying spree, which could lead to the acquisition of at least 1,821 BTC in the upcoming week. Despite current holdings being underwater due to Bitcoin’s year-to-date decline of 20.9%, the cryptocurrency has seen a slight recovery over the past month, increasing by 1.2%.
Market professionals should watch for how these ongoing purchases might influence Bitcoin’s price dynamics and overall market sentiment, especially amid a challenging macroeconomic backdrop.
Source: cointelegraph.com