Michael Saylor’s Strategy, the world’s largest public Bitcoin holder, added to its BTC holdings last week amid rising momentum. The firm amassed an additional 487 BTC worth nearly $50 million.
Strategy Drops $50M On Bitcoin
Strategy spent roughly $49.9 million on 487 Bitcoins in its latest BTC acquisition last week, the company said in a Monday regulatory filing with the U.S. Securities and Exchange Commission. The acquisition was the latest in a series of relatively small buys by the company. The latest purchases were made at an average price of $102,557 per BTC between Nov. 3 and Nov. 9.
The Tysons Corner, Virginia-based firm now owns an eye-popping 641,692 Bitcoin. The stockpile was recently worth $67.4 billion, as Bitcoin traded around $105,085 on Monday, according to crypto market data provider CoinGecko. For perspective, the haul represents over 3% of Bitcoin’s total 21 million supply.
Strategy’s latest Bitcoin purchase was funded with proceeds from the issuance of its Stretch (STRC) series of preferred stock, where it raised $26.2 million. The company recently raised STRC’s annualized dividend rate to 10.5%. The rest of the remaining funds were raised primarily through the ATM for Strategy’s STRF “Strife” preferred shares.
The company’s latest purchase pushed its average purchase cost slightly higher to $74,079.
“₿est Continue,” Strategy co-founder and Executive Chairman Michael Saylor noted on X on Sunday, while displaying a chart of the company’s previous Bitcoin purchases.
Strategy remains the world’s largest crypto treasury company and the pioneer of a strategy embraced by over 200 other publicly traded companies, according to bitcointreasuries.net.
Saylor has remained optimistic about Bitcoin’s prospects, stating in a recent CNBC interview that he expected the price to “grind up” to $150,000 by the end of this year.
Source: https://zycrypto.com/saylors-strategy-snaps-up-additional-50-million-bitcoin-for-its-balance-sheet/
