"Strategy halted additional BTC purchases last week… 6-week consecutive buying flow 'suspended'"
Summary
- Strategy said it halted additional Bitcoin purchases it had been conducting for six consecutive weeks last week.
- It stated the current mNAV multiple is 1.16 times, with the value of held assets and the share price nearly equal.
- It reported that market concerns have been raised recently about possible exclusion from major stock indices.
U.S.-listed company Strategy (formerly MicroStrategy), the largest holder of Bitcoin (BTC), reportedly did not make additional Bitcoin purchases last week.
On the 24th, cryptoasset (cryptocurrency) specialist media CoinDesk reported, "There was no regular purchase tweet from Chairman Michael Saylor this week," indicating signs of a halt in buying.
Strategy had been periodically buying Bitcoin for six consecutive weeks since October 6. According to the company's dashboard, it currently holds a total of 649,870 BTC, and the average purchase price is 74,433 dollars per coin.
The purchase 'halt' came amid a situation where the share price has fallen about 70%. MicroStrategy's market price-to-net-asset-value (mNAV) multiple is around 1.16 times, reportedly entering the lowest range in this cycle. mNAV is an indicator that shows how expensive or cheap a company's market capitalization is compared to the value of assets held (such as Bitcoin). Currently, MicroStrategy's mNAV is about 1.16 times, meaning the share price is nearly equal to the value of held assets.
Some have raised market concerns about the possibility of exclusion from major stock indices. The media explained, "Recently, controversy over index exclusion erupted, and Saylor strongly pushed back."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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