Michael Saylor’s company, Strategy (formerly MicroStrategy), has just added another big chunk of Bitcoin to its massive portfolio. Between May 19 and May 25, the firm bought 4,020 BTC for about $427.1 million, paying an average of $106,237 per coin.
This marks the seventh week in a row that Strategy has loaded up on Bitcoin. Since May 5, the company has been snapping up thousands of coins every week, showing no signs of stopping its aggressive Bitcoin accumulation strategy.
With this latest purchase, Strategy now holds a whopping 580,250 BTC, bought for a total of $40.16 billion over time, making it the world’s biggest corporate Bitcoin holder.
Despite the aggressive buying, the market hasn’t reacted as many expected as Bitcoin price remains steady, And the MSTR stock price dropped more than 7% in pre-market trading and is currently sitting around $369.
Will Bitcoin React?
While Bitcoin’s price has stayed relatively steady since the announcement, analysts believe this steady buying could be setting the stage for a big price jump.
It is worth knowing that with Strategy buying thousands of coins every week, there are fewer Bitcoins available in the market.
If more investors, especially big institutions and ETF buyers keep piling in, the shrinking supply might soon drive prices up.
Meanwhile, looking at the chart, the market is on a strong rally. After hitting the $74,428 supply zone, it surged over 46%, reaching a new all-time high of $112,000.
Since then, the market hasn’t been able to break past that peak. Instead the market has been trading between $106,000 and $109,000 with the RSI at 67.04, which may mean the market is heading into overbought territory. This suggests buyers should be cautious, as a pullback could be on the near.
Source: Tradingview
But If Bitcoin climbs above its last high, the game could change. Given Bitcoin’s history of surging right after big buys, we might see a rally all the way to $150,000.
Meanwhile, Strategy plans to raise another $2.1 billion in stock sales, which it says will be used to buy even more Bitcoin. Saylor has been vocal about his long-term bullish stance, often dropping hints on social media about future buys.
For now, the market hasn’t moved much in response. But with Strategy stacking Bitcoin nonstop, all eyes are on whether this buying spree will eventually fuel the next big rally. If demand follows, Bitcoin’s next major move could be just around the corner.
