Strategy, Michael Saylor’s company that is the world’s largest corporate holder of Bitcoin, has once again added to its haul, pushing it to nearly 642,000 BTC.
Summary
- Strategy has purchased 487 bitcoin for $49.9 million.
- The company, led by Michael Saylor, now holds 641,692 BTC acquired for $47.54 billion.
- Strategy launched the sale of its euro-denominated preferred Stock on November 7, eyeing $702 million to buy more Bitcoin.
Strategy revealed its latest purchase via a company filing on November 10, with billionaire and Bitcoin (BTC) bull Saylor sharing the details on X.
In the filing, the US-listed company said it purchased an additional 487 BTC for approximately $49.9 million. The new buy, completed at the average price of $102,557 per bitcoin, brings Strategy’s total holdings of the benchmark digital asset to 641,692. It’s a march that now sits close to 642k BTC among the world’s most aggressive Bitcoin hodlers.
Strategy buys more Bitcoin amid BTC price bounce
Notably, the latest buy comes as Bitcoin price bounces off lows under $100,000, having reached highs of $106,300 on Nov. 10.
A week prior, Saylor’s BTC stacking included an accumulation of 397 BTC between October 27 and November 2. The buy at the time, totaling $45.6 million, was at an average purchase price of $114,771 per coin.
What it means is that the latest buy was at a lower average. More significantly, it sees the company’s staggering $47.54 billion haul as of Nov. 9, sit at the average price of $74,079 per bitcoin.
Saylor’s funding strategy
Strategy’s Bitcoin accumulation continues to stand out, despite the digital asset treasury, or DAT race, that’s firmly on across Wall Street. The company first added BTC to its balance sheet in 2020 and has inspired many other “microstrategies” across the market.
Recently, the publicly-traded company expanded its funding initiatives for funds to buy more bitcoin to Europe with a euro-based preferred stock sale.
Announced earlier this month and closing on Nov. 13, the sale of the 7.75 million shares of 10% Series A Perpetual Stream Preferred Stock eyes net proceeds of $702 million. This, combined with various ATM programs over the past months, highlights the aggressive stacking Saylor is pursuing. Throughout, the company has said that net proceeds go toward additional Bitcoin acquisitions.
Bitcoin price hovered around $105,805 at the time of writing.
Source: https://crypto.news/michael-saylors-strategy-bitcoin-holding-642k-btc-buy/
