Michael Saylor’s Strategy, the world’s largest corporate Bitcoin holder, added more BTC to its balance sheet last week as the US Federal Reserve cut interest rates for the first time this year.
Strategy acquired 850 Bitcoin (BTC) for $99.7 million during the week ending Sunday, according to a US Securities and Exchange Commission filing on Monday.
The purchase was made at an average price of $117,344 per coin as BTC briefly surged to multi-week highs above $117,000 on Thursday following the Fed’s 25 basis point interest rate cut, according to CoinGecko data.
The acquisition brought Strategy’s total Bitcoin holdings to 639,835 BTC, purchased for about $47.3 billion at an average price of $73,971 per coin.
Ongoing buying slowdown as Bitcoin goes “boring”
Strategy’s latest Bitcoin purchase continued the trend of modest acquisitions, highlighting a slowdown compared with the large buys seen earlier this year.
So far in September, Strategy has acquired 3,330 Bitcoin, a sharp decline from the 7,714 BTC bought in August — itself down 75% from July’s 31,466 BTC.
Saylor, who is known for his commitment to buy more Bitcoin at higher prices, has made some remarks on the limited volatility of Bitcoin observed in the past months amid growing institutional adoption.
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“The conundrum is, well, if the mega institutions are going to enter, if the volatility decreases, it is going to be boring for a while, and because it’s boring for a while, people’s adrenaline rush is going to drop,” he said in an interview last week.
Bigger buying by smaller holders
While Strategy’s Bitcoin purchases have slowed over the past two months, other companies, such as Japan’s Metaplanet, have been aggressively adding to their BTC holdings.
Metaplanet announced a 5,419 BTC purchase on Monday, bringing its Bitcoin holdings to 25,555 coins and becoming the fifth-largest corporate Bitcoin treasury.
Strategy’s latest Bitcoin buy came amid Saylor preparing to attend a US government-hosted roundtable to advance the US Bitcoin reserve bill known as the BITCOIN Act on Tuesday.
Originally introduced by US Senator Cynthia Lummis in July 2024, the BITCOIN Act proposes the US government to buy 200,000 Bitcoin each year over five years for a total acquisition of 1 million Bitcoin.
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