Michael Saylor confirmed that the Bitcoin Treasury company’s strategy skipped accumulating Bitcoin this week, opting to buy bonds instead.
The strategy has temporarily halted Bitcoin accumulation for the time being
In new mail On the tenth, strategy Co-founder and Chairman Michael Saylor revealed that the company has not purchased Bitcoin over the past week. The post was the latest in Saylor’s regular series of Sunday posts, which always come with a photo of the company’s portfolio tracker and the chairman often includes a comment referencing Strategy’s purchase announcement next Monday. But this time, Saylor explicitly ruled out further accumulation.
Although this does not mean that the strategy remained inactive in the past week. “This week we bought bonds, not Bitcoin,” Saylor noted in the post. The cessation of purchases came after the Treasury Company Announce A massive acquisition worth 24,869 Bitcoin last Monday.
This purchase cost the company a whopping $2.01 billion. As the wallet tracker shared by Saylor shows, the company’s holdings increased to 843,738 BTC after the purchase.
The acquisitions made by Strategy since it started BTC accumulation back in 2020 | Source: @saylor on X
The strategy’s cost basis per token is $75,701, so, at the current spot price of Bitcoin, the company’s holdings generate a profit of about 2.6%. This is relatively minor, but still an improvement from where the company was when it was underwater between February and April.
While Strategy may have skipped an acquisition on Monday, that doesn’t mean the treasury firm is stopping things completely. Saylor alluded to this in the post, saying, “₿itVac is shipping.” ₿itVac here likely stands for “Bitcoin Vacuum,” which is how the company goes by when it comes to cryptocurrency.
Recently, strategy Announce It has applied to buy back $1.5 billion of its senior convertible bonds due in 2029. This news came amid Saylor’s introduction of the idea of Bitcoin sales, so it is possible that the treasury company will participate in the distribution to finance this buyback.
And in some other news, Bitcoin Spot ETFs There was a second straight week of outflows last week, according to data from SoSoValue.
Looks like the spot ETF netflow has been red recently | Source: SoSoValue
Spot ETFs here refer to investment vehicles that allow investors to gain indirect exposure to Bitcoin. As the chart above shows, the net flow related to these US-based funds has been negative over the past two weeks, indicating that the net amount of capital has left the market.
These two weeks of outflows came after six weeks of inflows. It remains to be seen whether the net red flows are the start of a new trend.
Bitcoin price
Bitcoin briefly fell below the $75,000 level over the weekend, but the coin has since risen to $77,400.
The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView
Featured image by Dall-E, chart from TradingView.com
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