Cryptocurrency treasury firm Strategy (NASDAQ: $MSTR) acquired $100 million U.S. of Bitcoin (CRYPTO: $BTC) over the past week before the price surged on June 15.
Strategy bought 1,587 BTC at an average price of $63,024 U.S. in the past week. The company’s total holdings now stand at 846,842 Bitcoin worth $56 billion U.S.
The latest purchase comes as Strategy also increased its cash reserves by $100 million U.S. to $1.1 billion U.S. via the sale of common stock.
More From Cryptoprowl:
Strategy, led by Executive Chairman Michael Saylor, remains the largest corporate holder of Bitcoin in the world with 4% of the circulating supply.
The latest purchases came right before prices for cryptocurrencies surged on June 15 amid reports of a U.S.-Iran peace deal and after the completion of SpaceX’s (NASDAQ: $SPCX) IPO.
Bitcoin’s price is up 4% in early trading at $66,205 U.S. The price of BTC had been as low as $60,000 U.S. over the past week.
Other cryptocurrencies are also surging higher, with Ethereum (CRYPTO: $ETH) up 6% to $1,765 U.S. Solana (CRYPTO: $SOL) and XRP (CRYPTO: $XRP) are each up more than 8% on the day.
Crypto prices are surging after the U.S. and Iran announced that they’re reached a permanent peace deal and pledged to end military operations in the Middle East.
The agreement is expected to reopen the Strait of Hormuz waterway near Iran, where about 20% of the world’s crude oil typically flows.
Oil prices are down 5% on news of the peace deal and hovering near $80 U.S. a barrel.
In addition to the Iran war ending, analysts say cryptocurrencies are also rising now that the SpaceX initial public offering (IPO) has been completed.
The commercial space company made its market debut on June 12 and the stock has rallied more than 20% since then, with its share price near $170 U.S. per share.
Some analysts said that capital shifting to the SpaceX IPO had hurt cryptocurrencies and exchange-traded funds (ETFs) that track the spot price of Bitcoin in recent weeks.
Capital now appears to be moving back into digital assets. BTC had seen its price cut in half from an all-time high of $126,000 U.S. reached last October.
Despite the long crypto winter that has endured since last autumn, Strategy has largely stuck to its Bitcoin accumulation plan.