Michael Saylor’s Strategy buys Bitcoin again as surprise rally pushes price above $85,000

Michael Saylor's Strategy, the world's largest corporate Bitcoin holder, has purchased 950 Bitcoin recently, pushing the total holdings to 846,000 Bitcoin. The company acquired the cryptocurrency over the past week, coinciding with a 6% surge in Bitcoin's price to nearly $86,000. The price rise also led to a 9% increase in Strategy shares to $167.

Strategy's CEO Michael Saylor holds about 4% of the total Bitcoin supply, making the company a significant player in the market. Bitcoin's price has been recovering from a year-long bear market, falling to $58,000 in June, roughly 53% below its October 2021 peak of $125,000. Strategy had sold Bitcoin four times in the past four months, but recently resumed buying, purchasing Bitcoin again and making two purchases.

The company's return to buying suggests confidence in the cryptocurrency's recovery, according to Chris Beauchamp, chief market analyst at the financial technology firm IG Group. The buying pressure came after the U.S. Treasury announced a doubling of purchases of older long-term government bonds, which brought Bitcoin's appeal back as an alternative asset.

The rally gained momentum following the Federal Reserve's latest interest rate hike, which initially caused Bitcoin to drop to $75,600 but soon resumed its upward trend as the Fed's rate increase became more predictable.