 
 
Amid S&P 500 snub, Michael Saylor’s Bitcoin treasury firm Strategy continued building its Bitcoin (BTC) stack last week, purchasing 1,955 BTC. The company raised funds for its latest acquisition mostly by issuing common shares.
Strategy Lifts Bitcoin Stack To 638,460 BTC
Strategy built its Bitcoin stash by another 1,955 tokens between Sept. 2 and Sept.7 for $217.4 million. Michael Saylor’s business intelligence software company purchased its latest Bitcoin batch at an average price of $111,196 each, according to a US Securities and Exchange Commission filing on Monday.
The Tysons Corner, Virginia-based firm now owns roughly 638,460 BTC worth $71 billion. This is equivalent to over 3% of Bitcoin’s total 21 million supply. The total stockpile was acquired at an average price of $73,880 per Bitcoin for a total cost of around $47.2 billion, including fees and expenses.
This year, Strategy has introduced several types of preferred shares as a new source of funding.
Strategy’s most recent Bitcoin purchase, for example, was partly funded by its perpetual Strike preferred stock (STRK), perpetual Strife preferred stock (STRF), and perpetual Stride preferred stock (STRD). Strategy most recently raised around $217.3 million by selling the preferred stocks, which carry various obligations and dividend payments.
 
Strategy Executive Chairman Saylor gave his now-routine hint at the possibility of another Bitcoin acquisition filing ahead of time, sharing an update on Strategy’s BTC acquisition tracker on Sunday, stating, “needs more orange.”
The new BTC investment comes as Strategy missed out last week on the potential to be added to the S&P 500 index, outdone by Robinhood (HOOD), despite high hopes of inclusion after the company posted strong quarterly results and met all requirements for joining the index.
Source: https://zycrypto.com/saylors-strategy-drops-another-217-million-on-bitcoin-after-missing-out-on-sp-500-inclusion/
