Strategy Inc. Adds 220 BTC, Total Holdings Reach 640,250 Bitcoin

Strategy Inc., the largest corporate holder of Bitcoin, purchased an additional 220 coins for $27.2 million, increasing its total holdings to 640,250 Bitcoin. The acquisition occurred between October 6 and 12, funded by ATM stock offerings.

• The purchase price averaged $123,561 per Bitcoin, higher than their overall average cost of $74,000.
• This buy comes amidst significant market volatility, including a record $19.35 billion liquidation event on October 11.
• Market stress was partly due to potential US tariffs on Chinese imports.
• MARA Holdings also acquired 400 Bitcoin for $46.31 million during this period.

Source: TradingView

Market reactions were cautious as Bitcoin traded between $113,800 and $114,400 following the news. Despite corporate buys offering support, strong selling pressure continued.

• A prominent whale increased their short position to over $200 million, betting on further declines.
• Technical indicators suggest easing selling pressure, but prices remain below key moving averages.
• Immediate support is at $112,000 to $110,000, with resistance at $116,500.

Strategy’s approach serves as a proxy for Bitcoin exposure in traditional markets, attracting investors without direct Bitcoin holdings. This financial strategy involves diverse instruments, exposing Strategy's balance sheet to Bitcoin's price swings.