Strategy, formerly known as MicroStrategy, announced the acquisition of 130 Bitcoin (BTC) for a total of $10.7 million, averaging $82,981 per BTC. This latest purchase pushes Strategy’s total crypto holdings to the brink of 500,000 BTC.
Strategy On The Edge Of 500,000 Bitcoin
In an announcement today, Michael Saylor-led Strategy revealed that it had added another 130 Bitcoin to its crypto reserves. Saylor shared the development in an X post.
The firm’s latest purchase reaffirms its “buy the dip” strategy to strengthen its Bitcoin holdings. Notably, the 130 BTC were acquired between March 10 and March 16.
As of now, Strategy holds a total of 499,226 BTC, just 774 BTC short of the half-million mark. The company’s average total cost per BTC stands at approximately $66,360.
At the time of writing, Strategy’s shares (MSTR) are trading at $293.20, down 1.31% in the pre-trading session. The stock has fallen over 11% in the past month, driven by the broader crypto market pullback, largely fuelled by global macroeconomic uncertainty.
This latest purchase widens the already substantial gap between Strategy and its closest corporate competitor, Marathon Digital Holdings, which holds 26,842 BTC. According to CoinGecko data, Strategy now controls over 2.12% of the total Bitcoin supply.
Bitcoin’s recent price pullback has triggered widespread bearish sentiment across the market. Analysts note that a surge to $90,000 could liquidate approximately $3.4 billion worth of BTC open contracts, primarily short positions.
BTC Flashes Stochastic RSI Bullish Cross
Despite the bearish mood, crypto analysts remain optimistic about a potential price rebound. According to a recent X post by Merlijn The Trader, Bitcoin has flashed a Stochastic Relative Strength Index (RSI) bullish cross – a technical indicator hinting at upward momentum.
For the uninitiated, a Stochastic RSI bullish cross happens when the fast-moving line (blue) crosses above the slower line (orange), especially when both lines are in the lower range, usually below 20, the “oversold” zone.
This suggests the asset might be shifting from a period of weakness to strength, hinting that upward momentum could be starting and present a potential buying opportunity for BTC investors.
Merlijn The Trader noted that each time BTC has shown a Stochastic RSI bullish cross, it has historically experienced an average price increase of 56%. The analyst added that BTC at $120,000 is “just the start.”
Beyond Strategy, other companies are increasingly adopting Bitcoin as part of their corporate treasury strategies. Recently, US-based Bitcoin financial services firm Fold Holdings announced the purchase of 475 BTC.
Similarly, in February, Japanese company Metaplanet unveiled its first Bitcoin purchase of the year. At press time, BTC trades at $83,334, up 1% in the past 24 hours.
