Strategy adds $50M in Bitcoin holdings to crypto stockpile

Michael Saylor’s Strategy increased its cryptocurrency buying by acquiring 487 Bitcoin worth about $50 million, marking an escalation over the previous week.

In a Monday filing with the US Securities and Exchange Commission, Strategy said it had acquired 487 Bitcoin (BTC) at an average price of $102,557 per coin — about $50 million.

The addition of the BTC brought the company’s total holdings to 641,692 BTC, or more than $67 billion at the time of publication.

Source: Michael Saylor

The previous week, Strategy reported purchases of 397 BTC, a modest 1.8% increase over its purchases in the last week of October, when it bought 390 BTC at about $43 million. Reports suggested that some institutional players were looking to Strategy’s investments as a bellwether for acquiring the company’s shares and exposure through exchange-traded funds.

As of Monday, according to data from Nansen, the price of Bitcoin was $105,321, having surged by about 1.5% in the previous 24 hours.

Related: Strategy won’t face Bitcoin liquidation in the next bear market: Willy Woo

Major investor closes short position against Strategy

The Bitcoin purchase came amid Kynikos Associates’ announcement that it had closed its short position against Strategy’s MSTR shares on Friday. The move suggested that at least some investors were more bullish on BTC treasury strategies.

Magazine: Bitcoin’s ‘speed bump’ to $56K? Ripple rejects IPO plans: Hodler’s Digest, Nov. 2 – 8