Saylor’s Bitcoin U-Turn: Strategy Sells at $62K, Buys Back at $80K

Saylor's Strategy returned to the BTC accumulation scene after a two-month hiatus. But, its timing was a little off. Perhaps the most notable piece of news within the crypto industry on Monday came from Strategy, as the company started buying more BTC again after completing a few sales and rebuilding its USD reserve to over $6.7 billion. Although that might sound celebratory at first, it’s worth taking a closer look at when the firm sold and when it bought more bitcoin, as it turns out it realized substantial losses amid the asset’s price recovery. Back to Buying As reported yesterday, the largest corporate holder of the leading cryptocurrency spent $370 million to acquire 4,603 BTC at an average price of $80,310 per unit. This means that the acquisition took place during the previous week when bitcoin jumped past $80,000 for the first time since last May. However, its actual time spent above that coveted level was quite brief. Nevertheless, this purchase came after four consecutive sales completed between June 30 and August 10, as Santiment explained. Within this timeframe, the company offloaded 6,916 BTC, worth roughly $430 million at the time, at an average price of approximatel...