Michael Saylor, the iconic bitcoin advocate, and his company Strategy are ramping up their accumulation

Michael Saylor, the chess player of bitcoin continues his game. Michael Saylor keeps comparing bitcoin to a game of chess

Bitcoin advocate Michael Saylor and his company Strategy continue their massive bitcoin accumulation. The latest purchase saw them add 7,390 bitcoins at an average price of around $103,498, a move that is sure to impact the crypto market.

The company is now holding 576,230 bitcoins, which were acquired at an average price of $69,726, indicating a significant portion of the queen crypto’s value.

This heavy strategy on bitcoin has raised concerns among investors, who prefer to see a more diversified portfolio from the company.

However, some investors are reassured by Strategy’s commitment to bitcoin, especially in an environment where the cryptocurrency has faced strong headwinds this year.

This strategy also faces a class action lawsuit that accuses the company and its executives of understating the risks related to bitcoin price volatility in their financial communication.

The latest purchase of 7,390 bitcoins was made at an average price of about $103,498, an investment of $765 million. The total valuation of Strategy’s bitcoin treasury now stands at $59 billion.

Since the start of its bitcoin accumulation, Strategy has realized an unrealized gain of $19.2 billion, or 47%, on its cryptocurrency holdings.

The complaint, filed on Monday in the U.S. District Court for the Northern District of California, centers around a lack of transparency in financial disclosure. It claims that Strategy and its executives failed to disclose the risks associated with bitcoin price volatility to investors.

The plaintiffs, who are Strategy shareholders, accuse the company and its executives of misleading them about the sustainability of the firm’s business model, which pivots on an alleged leveraged play on bitcoin.

This case underscores the legal and financial complexities arising from companies' engagement in cryptocurrencies, especially with the lack of clear regulations on the matter.

Several companies are following Strategy’s lead and adopting a bitcoin treasury strategy. AsiaStrategy, an Asian watchmaking company, saw its stock price increase by more than 60% after announcing its bitcoin treasury and partnership with 10X Capital.

Another listed company in Bahrain, specialized in food and beverages, also announced a partnership with 10X Capital to launch a BTC treasury.

These figures highlight the growing presence of BTC in the digital economy, with institutional players showing confidence in the cryptocurrency despite the challenges and volatility it faces.