Strategy – formerly known as MicroStrategy – announced today the addition of 6,911 Bitcoin (BTC) to its cryptocurrency reserves. With this latest purchase, Strategy’s total BTC holdings now stand at 506,137 BTC.
Strategy’s Total Bitcoin Holdings Cross 500,000
Earlier today, Strategy revealed it acquired an additional 6,911 Bitcoin for a total of $584.1 million, at an average price of $84,529 per BTC. Notably, the purchases took place between March 17 and March 25.
This latest acquisition marks a significant milestone for the Michael Saylor-led company, pushing Strategy’s total Bitcoin holdings past the 500,000 BTC mark. The company now controls over 2.3% of Bitcoin’s total fixed supply of 21 million.
As of today, Strategy holds 506,137 Bitcoin, with a total market valuation exceeding $33 billion. The company’s average purchase price stands at $66,608 per BTC. On a year-to-date (YTD) basis, Strategy has achieved a BTC yield of 7.7%.
For the uninitiated, BTC yield refers to the percentage increase in the total value or amount of Bitcoin held by the company year-to-date (YTD), factoring in price appreciation, new acquisitions, or any returns generated from their Bitcoin holdings.
Following today’s announcement, Strategy’s shares (MSTR) surged 7.24%, trading at $326 at the time of writing. On a YTD basis, the stock is up 11.5%.
Where Is BTC Headed?
After weeks of subdued price action, BTC started the week on a strong note. The leading cryptocurrency is up more than 4% in the past 24 hours, trading in the high $80,000s at the time of writing.
However, despite today’s positive momentum, crypto analysts remain cautious. In an X post, crypto analyst Daan Crypto Trades observed that BTC’s price is currently “in the middle of nowhere.”
The analyst suggested that sustained price action above $90,000 could confirm a bullish trend reversal. The analyst added:
My long term bias is still bullish on BTC and I think this correction was pretty normal for a bull cycle. We’ve seen far worse than 30% corrections only to retrace back up afterwards. I would re-evaluate that bias if we’d see sustained closes below $70K without a proper black swan event to get us there.
Noted crypto analyst Ali Martinez also warned that the recent BTC price surge might have reached a short-term peak. According to Martinez, the TD Sequential indicator now signals potential profit-taking ahead.
That said, recent analysis by crypto analyst Master of Crypto suggests that an increase in M2 money supply could reignite BTC’s bullish momentum. At press time, BTC trades at $88,609, up 4.1% in the past 24 hours.
