Strategy Inc. has started trimming some of the losses incurred when the leading crypto asset, Bitcoin (BTC), dipped to a monthly low of $62,553. The bearish outlook of Bitcoin and unrealized losses had reignited criticism of Michael Saylor’s use of Bitcoin as a hedge.
Bitcoin rebound cuts Strategy’s massive drawdown
However, CoinMarketCap data signals that Strategy’s portfolio has improved significantly by 8.7% as Bitcoin regained the $74,000 level. Notably, the price of BTC soared from a low of $71,282.33 to an intraday peak of $74,395.78.
That massive surge proved sufficient to minimize Strategy’s losses on the crypto investment market. The business intelligence firm currently holds a total of 738,731 BTC as of its last acquisition. The average price of each Bitcoin cost Strategy $75,862.
Hence, with Bitcoin plummeting to a monthly low of $62,533, Strategy’s drawdown was approximately $10 billion at $9,846,545,499.
However, with a renewed rally from the leading digital asset, Strategy has been able to trim a huge chunk of that loss. Although the firm is still in troubled waters, it is no longer neck-deep in losses, as Bitcoin’s price is gradually climbing to the firm’s average buying price per coin.
It is worth mentioning that the volatility of Bitcoin remains a troubling concern, and until BTC stabilizes above $80,000, investors might continue to express concerns.
Michael Saylor maintains long-term “Bitcoin Over Everything” vision
As of this writing, Bitcoin has slipped and exchanges hands at $73,242.51, which represents a 1.92% increase in the last 24 hours
Within the same time frame, trading volume has soared by 93.66% to $40.84 billion as institutional interest reignites, creating sustained buying pressure.
The uptick has also revived the interest of traders, who buy whenever there is a rally and do not want to miss out on potential profits.
Bitcoin’s rebound move validates Michael Saylor’s unwavering belief in the maxim, “Bitcoin over everything.” The Bitcoin optimist has continued to remain positive that the asset will reclaim previous price levels. This has fueled his regular purchase of Bitcoin as Strategy chases a one million BTC portfolio.
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