rewrite this title Bitcoin Is Up 2% As Strategy Buys Another 520 BTC – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

Strategy, the firm run by Michael Saylor, disclosed in an SEC filing that it bought 520 BTC between June 15 and June 21 at an average price of $67,068 per coin. The purchase brings its total stash to 847,363 BTC, worth roughly $54 billion at current prices. It’s the smallest weekly buy in Strategy’s recent run, following larger purchases of 1,587 BTC and 1,550 BTC in the two prior weeks.

Strategy also grew its USD reserve by $300 million, bringing it to $1.4 billion. The company keeps this cash buffer on hand to cover dividend payments on its preferred stock. Bitcoin itself traded around $64,200 on the day of the announcement, holding fairly steady rather than posting a sharp move.

Strategy Shares Slide Along with Bitcoin

Strategy shares (MSTR) have kept sliding, closing recently around $112, down roughly 31% over the past month and nearly 70% over the past year. The drop has tracked Bitcoin’s own pullback, but it’s been sharper, partly because of pressure on Strategy’s preferred stock.

STRC, one of its yield-bearing preferred shares, hit a record low near $89 last week after the Federal Reserve signaled it may hike rates later this year, which dented appetite for non-yielding assets like Bitcoin and any company built around holding it.

Bitcoin Is Well Below Strategy’s Average Purchase Price

Bitcoin itself trades around $64,200 today, holding well below Strategy’s own average purchase price of roughly $75,650 per coin. That gap means Strategy is sitting on a paper loss on most of its holdings, even after its latest 520 BTC purchase.

Read more: Bitcoin price prediction

Bitcoin has cooled off from above $71,000 earlier this month, weighed down by the same rate concerns hitting MSTR, along with steady outflows from U.S. spot Bitcoin ETFs.

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