Once again, Strategy, a firm owned by Michael Saylor, has increased its holdings in Bitcoin. Between May 19 and 23, 2021, the company purchased 4,020 Bitcoin for a total of $427.1 million as BTC prices exceeded $110,000.
The transaction was disclosed on May 26, and that was done at an average price of $106,237 per bitcoin. The latest purchase cost Strategy a total of 580,250 BTC at $69,979 per coin. The company has invested about $40.6 billion into Bitcoin, making it the biggest corporate holder of Bitcoin.
Strategy has made another BTC purchase in May. This is not Strategy’s first purchase this month either. Michael Saylor is buying the dip, as Strategy’s purchase is his fourth this month. Strategy maintains a firm belief in the long-term value of Bitcoin. Saylor has said before that he would purchase bitcoin “forever,” no matter the price highs.
Insider Share Sales Continue
Even as the company continues to hoard Bitcoin, some insiders are still cashing out their investments. On May 16–21, Jarrod Patten, strategy director, sold 2,650 shares of Class A stock for nearly $1.1 million. Since April 22, the total shares sold by him equal 17,050 shares worth $6.7 million.
Similarly, Strategy’s CFO, Andrew Kang, sold 2,185 shares on May 23 for about $719,000, per SEC filings.
Stock Performance Declines
Even though it is aggressively stacking Bitcoin, MSTR stock is having a rough time. According to TradingView, shares have dropped from about $420 to $369 over the past week, a drop of 12%.
The share price drop comes amid a class action suit against the firm. While Bitcoin remains buoyant, the stock found another reason for a down day.
