Under Executive Chairman Michael Saylor, business intelligence software company Strategy (formerly known as MicroStrategy) executed a large Bitcoin purchase last week, pushing total reserves to almost 740,000 BTC.
Strategy announced a nearly $1.3 billion Bitcoin purchase on Monday, adding another 17,994 BTC to its treasury at an average price of $70,946 per coin.
Strategy’s Aggressive Bitcoin Accumulation Continues, Approaching 740,000 BTC Milestone
According to an 8-K filing with the U.S. Securities and Exchange Commission on Monday, Strategy scooped up 17,994 BTC for roughly $1.28 billion between March 2 and March 8.
The company’s Bitcoin holdings now total 738,731 BTC—valued at roughly $50 billion—acquired at an average price of $75,862 per coin, bringing the total purchase cost to about $56 billion. The stack accounts for more than 3.4% of Bitcoin’s capped 21 million supply and is currently carrying about $6 billion in unrealized losses.
Chairman Saylor again hinted at Strategy’s latest acquisition ahead of time, sharing an update on the company’s acquisition tracker on Sunday, stating, “The second century begins,” likely referencing the company’s aggressive accumulation strategy, which has now surpassed 100 individual Bitcoin buys.
The latest purchase is Strategy’s largest Bitcoin acquisition since January, when the firm bought 22,305 BTC for $2.13 billion at an average price of $95,284 per coin.
Bitcoin is up 2.4% in the last 24 hours to $69,041, approximately $6,821 below the company’s overall average acquisition price of $75,862.
The recent purchases were funded through at-the-market sales of its Class A common shares, MSTR, along with its perpetual Stretch preferred stock, STRC. Over the past week, Strategy raised roughly $900 million by selling 6.3 million shares of MSTR. The firm also generated about $377 million from the sale of 3.7 million shares of STRC.
The firm retains more than $6.7 billion in capacity for issuing MSTR common stock, along with $3.16 billion of STRC shares still available.
Source: https://zycrypto.com/saylors-strategy-snaps-up-1-3-billion-worth-of-bitcoin-total-holdings-near-740000-btc/
