Bitcoin jumps to $120K and catapults strategy holdings to record $77.4 billion

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Bitcoin bounced beyond the six-figure mark, and the company that bets heavily on the coin saw the value of its hiding hiking at a record $77.4 billion.

Bitcoin price rebounds increased its valuation after the token moved to $120,000, according to market trackers and other reports.

Strategy’s Bitcoin Hoard hits new heights

The report reports that the Strategy, a company previously known as MicroStrategy, currently owns around 640,031 BTC. That amount represents about 3.2% of the circulation supply, based on widely used supply.

Over the past seven weeks, the company has added 11,085 BTC to the balance, according to Filing and Market Tracker. These purchases helped raise the dollar value of the holdings to a new highest.

Large purchases are responding to market movements

Based on the report, the company continues to make purchases as BTC recovers. At the price level that has pushed the holdings to $77.4 billion, each movement in Bitcoin price significantly changes the company’s net worth and headline figures.

Source: Strategy

The accumulation of strategies is stable. The acquisitions over the past few months have raised the total to 60,000 coins.

Market Watchers notes that such a large holding means that the company’s fate is closely related to Bitcoin’s price action.

See also  The strategy will reach $5.8 billion a year, increasing BTC yield target to 25%

Betting size and other companies and countries

BTCUSD is currently trading at $120,324. Chart: TradingView

Analysts compared Strategy’s Crypto Stash with the market capitalization of major banks and even the GDP of small countries. These comparisons highlight how much the single company’s crypto pile has grown in terms of dollars.

The company’s balance sheet includes market capitalizations of several long-standing financial companies and similar amounts to annual production of several small economies.

Accounting hits and fundraising movements

Reportedly, the strategy recorded several quarters with accounting losses related to crypto prices fluctuations. One filing showed unrealized loss figures to billions of people during the down period, and the company moved to raise capital.

The figures show that the recent $21 billion shares have been announced as part of steps to support further purchases and the needs of businesses. That plan, and similar financing measures, are being closely monitored by investors considering dilution against continued accumulation.

Unsplash featured images, TradingView charts

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