Michael Saylor’s company, Strategy, the largest institutional Bitcoin holder worldwide, has once again expanded its crypto stash while the BTC market held steady last week.
According to a filing with the U.S. Securities and Exchange Commission on Tuesday, Strategy acquired 1,955 BTC between September 2–7, spending about $217.4 million. The average purchase price was $111,196 per coin, with Bitcoin briefly pushing above $113,000 on Friday before easing back to the $110,000 zone, data from CoinGecko shows.
After this latest buy, Strategy’s Bitcoin reserves stand at 638,460 BTC, with a total cost basis of around $47.2 billion and an average entry of $73,880 per coin.
Slower pace of accumulation
This move follows a string of smaller-scale purchases in August, where the firm added roughly 7,714 BTC in total. The August buys were noticeably lower than earlier in the summer, when Strategy picked up 31,466 BTC in July and 17,075 BTC in June.
The company disclosed that the most recent acquisition was financed through proceeds from three of its at-the-market equity offerings: Series A Perpetual Strife Preferred Stock (STRF), Series A Perpetual Strike Preferred Stock (STRK), and MSTR common shares.
Left out of the S&P 500
Interestingly, the purchase came just days after Strategy was left out of the S&P 500 index update, despite speculation it would be added. Instead, the index chose to include Robinhood, AppLovin, and Emcor Group, effective September 22.
Commenting on the decision, Bloomberg ETF analyst Eric Balchunas pointed out that the S&P 500’s selection process depends on a behind-the-scenes committee.
“You have to remember, SPX is essentially an actively managed fund run by a secret group,” he posted on X, noting a 2020 podcast episode titled “The Secretive Committee Behind the S&P 500.”
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