Strategy (MSTR) has added almost $1 billion U.S. worth of Bitcoin (BTC) to its holdings over the past week as the price of the largest cryptocurrency continues to fall.
Strategy, a software company that has become the world’s largest corporate owner of Bitcoin, bought 10,645 BTC tokens at an average price of $92,098 U.S. in the past week.
The latest purchases totaled $980.3 million U.S. and follow a $962.7 million U.S. purchase the previous week.
Strategy, formerly known as MicroStrategy, has seen its share price decline alongside the price of Bitcoin. Year-to-date, MSTR stock is down 44%.
The company owns a total of $50.3 billion U.S. worth of Bitcoin. Its average purchase price is $74,972 U.S. Bitcoin is currently trading at $86,000 U.S., so Strategy is still in the black.
But many analysts and investors are worried as Strategy continues to follow Bitcoin lower. The price of BTC has plunged more than 30% since mid-October with no signs of a bottom.
It’s unclear what catalyst could help to move Bitcoin’s price higher. Some analysts say another interest rate cut by the U.S. Federal Reserve would give crypto prices a boost.
However, the market probability of a rate cut at the Fed’s next meeting in January is currently at only 22%.
MSTR stock is currently trading at $167.50 U.S. per share.
