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Bitcoin rose about 3.5 percent in June on rate cut outlook and optimism regarding US policy, which boosted risk-driven flows into the cryptocurrency.  Bitcoin hit a record high in May

 

The main catalyst was the passage of a stablecoin regulation bill through Congress, signaling President Donald Trump’s commitment to enacting more crypto-friendly regulations.

Freddie Mac and Fannie Mae, two major mortgage agencies, indicated they are considering using cryptocurrency as collateral for home loans, another sign of government acceptance. Alongside institutional adoption signs, a ceasefire between Israel and Iran that appeared to hold last week increased risk appetite.

According to a regulatory filing, Strategy, formerly known as MicroStrategy, purchased $531.9 million worth of 4,980 additional Bitcoins between June 23 and June 29 at an average price of $106,801.

The world’s largest public Bitcoin holder now owns 597,325 BTC, valued at over $64 billion, bought at an average of $70,982 per coin.

Executive chairman Michael Saylor stated that the total cost amounts to $42 billion, meaning roughly $21 billion in gains are unrealized. Funding for the recent purchase came from proceeds of recent equity sales, including $519.5 million from selling over 135 million MSTR shares and preferred stock offerings.