Strategy affected the Bitcoin (BTC) market after acquiring another 6,911 BTC. The new inflows came between March 17-23, at a lower average price.
Strategy, the main buyer of Bitcoin (BTC) for its corporate treasury, acquired another 6,911 BTC between March 17 and March 23. After the previous smaller purchase of 130 BTC, the firm looks like it’s back in the game with bigger inflows.
It acquired the BTC at an average price of $84,529, for a total of $584.10M. Strategy used its funds to buy the dip as BTC hovered under $85,000, just before the most recent market recovery. It also confirmed the purchase and its outlook as a long-term holder.
Strategy remains committed to BTC plan
The BTC purchase was filed with the SEC, in addition to the latest report on sold preferred shares and common stock. After the news of the latest BTC purchase, MSTR stock appreciated to $304.00, returning to the middle of its range for the past six months.
Just a day before announcing the purchase, Michael Saylor, the firm’s executive chairman hinted at more purchases by posting a BTC chart.
Needs more Orange. pic.twitter.com/BRyWs1ey80
— Michael Saylor⚡️ (@saylor) March 23, 2025
Saylor also predicts BTC is preparing for its next upward leg of the bull market, potentially taking the price above $444,000.
Strategy kept buying under diverse market conditions, still breaking even above its average price. The purchase arrives at a time when crypto and BTC sentiment moved up from their lows, potentially preparing for another rally. Before the latest purchase, Strategy acquired 499,226 BTC in total, becoming one of the biggest single holders. The firm’s wallets are still not transparent or known publicly.
The most recent acquisition follows the recent launch of a new preferred share issue, which boosts its BTC buying program. Strategy remains a long-term holder, with an average BTC purchase price of $66,406. In the short term, the weekly or bi-weekly announcements always added to BTC rallies, except when it bought at the top.
For the recent purchase period, Strategy sold a total of 13,100 STRK shares, which did not make a significant contribution to the recent BTC purchase. The initial sale of the preferred shares brought in an additional $1.1M. As of March 23, there are $20.99B in shares remaining for issuance, depending on demand. The stock sale plans suggest Strategy has a long-term outlook for its BTC treasury, as part of the proceeds will go toward new purchases.
The recent BTC purchase was made with proceeds from the issuance of STRK common stock, including some proceeds from the STRK preferred shares. This brings the total BTC held by Strategy to 506,137 coins, for a total aggregate purchase price of $33.7B. The firm now holds over 500K BTC for the first time in its history.
Latest purchase shifts market sentiment
With the latest purchase, Strategy shifted the sliding market sentiment. BTC remains far from its lows, but the renewed buying may signal a new leg upward. BTC recovered from its range between $80,000 and $85,000 held for a week, breaking out to $87,444.21. The recovery above $85,000 already arrived as Strategy was completing its purchase.
BTC open interest also recovered to over $26B, signaling renewed leveraged positions. BTC remains pressured by the derivatives market, so the Strategy purchase may have a limited effect. Currently, BTC is again at a crossroads, with rebuilding long and short positions.
Traders’ behavior also lifted the Bitcoin fear and greed index by 15 points in a single day, up to 45 points, abandoning the zone of extreme fear.
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