Last week, Michael Saylor, the CEO of the world’s largest company, added Bitcoin (BTC) to his balance sheet after the US Federal Reserve announced the first interest rate cut of the year.
The strategy involved acquiring 850 Bitcoin for a total of $99.7 million by the end of Sunday. He submitted a filing to the Securities and Exchange Commission on Monday.
The purchase happened at an average cost of $117,344 per coin, coinciding with a temporary spike in Bitcoin prices above $117,000 on Thursday following a 25 basis point rate cut, according to data from Coingecko.
This latest acquisition pushes the company’s total Bitcoin holdings to 639,835 BTC, acquired for around $47.3 billion at an average price of $73,971 per coin.
Bitcoin’s “Boring” Phase and Slowed Purchases
The recent acquisitions reflect a trend of more measured purchasing, particularly when compared to the major buys earlier this year.
So far in September, the strategy has added 3,330 Bitcoin, a significant drop from the 7,714 BTC bought in August and a staggering 75% decrease from July’s figure of 31,466 BTC.
Saylor has gained attention for his ongoing commitment to acquire more Bitcoin despite higher prices and has remarked on the limited volatility observed in recent months, likely influenced by increased institutional interest.
“The challenge is that when major institutions enter and volatility diminishes, the adrenaline rush for people might get, well, boring, because it could be boring for a time,” he mentioned in a recent interview.
Smaller Holders Making Larger Purchases
While the strategy’s buying pace has slowed, other firms like Japan’s Metaplanet continue to actively expand their Bitcoin holdings.
On Monday, Metaplanet announced the acquisition of 5,419 Bitcoin, bringing its total Bitcoin holdings to 25,555 coins, thereby securing its position as the fifth largest corporate Bitcoin treasury.
The latest purchase by Saylor’s strategy coincides with his plans to attend a US government-hosted roundtable discussion aimed at promoting the Bitcoin Act, a bill originally introduced by Senator Cynthia Lumis in July 2024. This proposed legislation suggests that the US government acquire 200,000 Bitcoin annually over five years, ultimately totaling 1 million Bitcoin.
