"Despite the current downturn for crypto, Strategy added even more Bitcoin to its collection. The company bought more than 2,900 Bitcoin last week, bringing its total to over 712,000, according to an X post by co-founder Michael Saylor. The move follows a more than $2 billion purchase earlier this month. Strategy is the first and biggest digital asset treasury, or a type of company that acquires and holds onto large amounts of crypto."
"Bitcoin's fall from its all-time high of about $126,000 in October was caused in part by a flash crash in the fall, where crypto traders lost more than $19 billion in their positions. Misfortunes for digital assets have only continued this calendar year. The sector dipped as tensions mounted between the U.S. and Europe over Greenland. In addition, major regulatory legislation, referred to as the Clarity Act, has stalled as major figures in the crypto industry spar over its details."
MicroStrategy purchased more than 2,900 Bitcoin last week, lifting its total holdings above 712,000 BTC following a more than $2 billion purchase earlier this month. The company began investing in Bitcoin in 2020 and now holds over 3% of the total supply, making it the largest digital asset treasury. The firm's strategy focuses on continually accumulating Bitcoin and buying on market dips. Bitcoin has fallen from an October all-time high near $126,000 to about $87,000, a roughly 31% drop, amid a fall flash crash, geopolitical tensions, stalled regulatory legislation, and losses across altcoins like Ethereum and Solana.
Read at Fortune
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