Bitcoin Bulls Rejoice as Strategy Buys $370 Million Worth of Coins
Bitcoin Bulls Rejoice as Strategy Buys $370 Million Worth of Coins
Crystal KimMon, August 31, 2026 at 4:04 PM UTC
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Strategy bought about $370 million worth of bitcoin last week.Credit: Cheng Xin / Getty ImagesKey Takeaways -
Strategy purchased 4,603 bitcoins for $370 million, its largest buy since May.
Bitcoin’s price has surged 28% in 10 days, signaling potential market recovery.
Analysts predict bitcoin could reach $150,000 by mid-2027 and $300,000 by 2029.
The bitcoin bulls are circling.
Strategy (MSTR) shifted into buying mode last week, snapping up 4,603 bitcoins for about $370 million, according to a company filing. That purchase is its largest since May and follows weeks of leaving its stockpile of the cryptocurrency untouched. Bitcoin’s recent breakout—the price of the cryptocurrency has been trading around $80,000 for the past couple weeks—appears to have inspired bullish energy, though Strategy is paying for the pleasure.
The digital asset treasury spent an average of $80,318 per coin to buy its latest tranche of bitcoin after selling for an average price that ranged from $59,000 to $64,000 between June 30 and Aug. 10, according to the company. Since Strategy announced its intent to sell bitcoin in late June, it had unloaded 6,916 coins for roughly $430 million.
Still, Strategy could be laughing all the way to the bank if recently revamped forecasts for bitcoin pan out. Last week, Bernstein analysts including Gautam Chhugani said they expect bitcoin to hit its next peak—$300,000, more than double its all-time high set last October— by 2029. They also see the market recovering to drive bitcoin to a new all-time high of $150,000 by the middle of next year.
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“In the last 10 days, bitcoin is up 28%, potentially signaling an end to this bear cycle,” the Bernstein analysts said.
They also their outlook on Strategy, affirming their “outperform” rating, effectively a bullish posture, but lowering their price target to $350 from the prior $450. Though Bernstein sees Strategy “going kinetic” on bitcoin purchases as crypto market strength returns, the analysts see the stock recovering to just 30% above the net asset value of its bitcoin compared with its historical average of 50%.
In other words, this crypto spring may give Strategy shares a boost, but not quite enough to put them back to trading at a huge premium to the firm’s coins.
on Investopedia
Source: “AOL Money”
