Strategy (MSTR), the largest bitcoin-owning company in the world seemed unable to take advantage of last week’s market decline to buy the dip in prices.
According to Monday’s press release, the company purchased 220 BTC at an average price of $123,561. The company used the proceeds from the sale of its various preferred shares (STRF, STRK, STRD), raising $27.3 million.
That purchase price was well above the prices at which the largest cryptocurrency changed hands in the second half of the week. Bitcoin fell from more than $123,000 on Thursday to as low as $103,000 on Friday night during one of, if not the worst cryptocurrency flash crashes on record, liquidating more than $19 billion in leveraged positions.
That move came as Trump said he would impose a 100% increase in tariffs against Chinese goods in retaliation for restricting exports of rare earth metals, reigniting fears of a trade war between the two world powers.
At its lowest point on Friday, BTC traded nearly 16% below Strategy’s recent average purchase price. Even during the rapid rally over the weekend, the company could have bought tokens between $110,000 and $115,000, at a 7% to 10% discount compared to what it paid.
With the latest purchase, the company raised its total holdings to 640,250 BTC, at an average purchase price of $73,000 since it began its bitcoin treasury plan in 2020.
MSTR, the company’s common stock, rose 2.5% on Monday.
