Strategy Inc, chaired by Michael Saylor, bought 1,550 bitcoins for roughly $101.3 million last week at an average price of about $65,332 per bitcoin, according to a U.S. SEC filing disclosed on June 8 [1, 2, 3]. This purchase came shortly after the company sold 32 bitcoins for around $2.5 million, its first sale since December 2022, which triggered bearish market sentiment [1, 2, 3].
Bitcoin’s price fell below $60,000 on June 5, hitting lows near $59,101, the first time under that level since October 2024 [4, 5, 1]. Analysts linked the decline to bitcoin-tied ETF outflows, geopolitical tensions including the Israel-Iran conflict, concerns over digital asset treasury models, and worries about Federal Reserve interest rate hikes [4, 5, 2, 3]. Pratik Kala, portfolio manager at Apollo Crypto, said "sentiment is incredibly shaky. There is always a mean reversion trade after a big dump" [4].
Following the bitcoin purchase announcement, the price rebounded more than 3% to above $63,000 by June 8-9 [4, 5, 3]. Ethereum and other cryptos such as Cardano, Ripple, and Solana gained between 2% and 6% alongside bitcoin’s recovery [4, 5, 2, 3]. Despite recent volatility, bitcoin outperformed traditional equities’ sell-off during renewed Israel-Iran hostilities, according to analysts [4, 5]. Daniela Hathorn of Capital.com noted bitcoin's muted reaction amid global market pullbacks when "investors reduced risk heading into the weekend" [5].
Strategy's total bitcoin holdings increased to approximately 845,256 bitcoins, valued near $63.9 billion at current prices [1, 2, 3]. Michael Saylor emphasized the company’s focus on "increasing bitcoin holdings per share as a preferred performance measure," reaffirming their dedication to being the largest bitcoin holder [2, 3].
After the new bitcoin purchase was made public, Strategy's stock price rose between 3.8% and 5.6%, though it has slipped over 33% in the last month amid broad market turbulence [5, 1, 3]. The market also saw sharp volatility on June 8, including a large sell-off in the Taiwan stock market tied to U.S. tech stock weakness and Fed rate hike concerns [2, 3].
Bitcoin maintained gains above $63,000 on June 9, supported by Strategy’s buying and broader crypto market strength, while market sentiment remained cautious with institutional investors hedging risk and holding more cash [6, 5, 2, 3].
