Bitcoin is dipping, but that only seems to make Strategy buy more of it. The largest digital asset treasury purchased more than $2 billion worth of Bitcoin this week, CEO Michael Saylor revealed on X. The move came as a surprise to many crypto observers, but one analyst says it fit a long time pattern on the part of Saylor and his company.
For those unfamiliar, Strategy is a type of company known as a digital asset treasury that holds cryptocurrency as its primary business model. That hasn’t worked out too well for the company of late, as Bitcoin has sunk nearly 17% in the past year and 10% in the last week. Its most recent tailspin follows macroeconomic tensions between the U.S. and Europe, which caused crypto, and the stock market, to stumble.
Strategy’s purchase, therefore, was unexpected—perhaps more so given that a key piece of crypto legislation, known as the Clarity Act, encountered an unexpected stumble last week. However, one analyst suggests that Strategy is investing so much in Bitcoin because this legislation, despite stalling, should pass sometime soon.
“Strategy is opportunistic with regard to its Bitcoin purchases,” said Mark Palmer, an analyst at Benchmark. “There’s a lot going on in the crypto space right now with the Clarity Act moving toward markup in the Senate.”
