Michael Saylor’s Strategy Buys More Bitcoin as Crypto Market Anticipates ‘Santa Rally’

Michael Saylor’s Strategy has halted its weekly Bitcoin purchase, failing to buy any BTC last week. This comes as the crypto market anticipates a Santa rally, with BTC reaching $90,000 today and MSTR stock also rallying.

Strategy Bought Zero Bitcoin Last Week

An SEC filing showed that the company didnt acquire any Bitcoin between December 15 and 21. It still holds 671,268 BTC, which it acquired for $50.33 billion at an average price of $74,972 per Bitcoin.

However, a positive is that Strategy has increased its USD reserves to $2.19 billion. The company sold just over 4.5 million MSTR shares last week, raising $748 million, to boost this reserve. This further ensures that Saylor’s company does not need to sell its Bitcoin holdings anytime to fund dividend or interest payments, even as the mNAV remains shaky.

The company noted that the maintenance of its USD reserve remains subject to its sole and absolute discretion. It also stated that it may adjust the USD reserve from time to time based on market conditions, liquidity needs, and other factors.

Strategy established the USD reserve at the start of this month with $1.44 billion, a move that instantly calmed concerns about a potential sell-off of their BTC holdings. Since then, the company has made two weekly Bitcoin purchases of almost $1 billion each.

Last week, the company announced that it bought 10,645 BTC for $980.3 Million, its largest purchase since July. Meanwhile, the decision to pause BTC purchases comes as the crypto market anticipates a Santa rally.

As CoinGape reported, Bitcoin options traders have turned slightly bullish, pointing to a potential end-of-the-year rally for the flagship crypto and broader crypto market. BTC has rallied above $90,000 today, up almost 2%, providing optimism that the crypto asset can end the year on a high.

The Strategy stock has also rallied despite the company halting its Bitcoin purchases. TradingView data shows that the stock is trading at around $170 in premarket trading, up over 3% from last week’s close of $164.