Business intelligence firm Strategy (formerly MicroStrategy) has purchased an additional $43.4 million worth of Bitcoin, according to the most recent announcement.
The company’s total holdings have now approached the $47.5 billion milestone.
The latest batch of coins has been acquired at $111,053 BTC, which is below the current price of $115,264. The company’s average purchasing price has now surpassed $74,000.
Strategy’s most recent announcement does not come as a surprise, given that it was traditionally teased with an “orange dot” by co-founder and former CEO Michael Saylor the day before.
While the most recent purchase is not particularly impressive, it is substantially bigger than the tiny $18.8 million purchase that the company announced last week.
MSTR’s mild recovery
The shares of Strategy (MSTR) are up by nearly 4% in pre-market trading.
The stock is down 11.44% over the past month amid concerns about share dilution and digital asset treasury (DAT) fatigue. Last month, the company also failed to get included in the S&P 500 index during its first quarter of eligibility, which was viewed as a snub within the crypto community.
The company’s premium relative to NAV has now plunged to just 1.16 after surging to as high as 3.1 last November.
With that being said, it is worth noting that Strategy has purchased Bitcoin for the third time in a row without selling any new shares of its common stock, meaning that there was no dilution. These Bitcoin buys have been funded with preferred stock instead.
Source: https://u.today/breaking-strategy-snaps-up-43-million-worth-of-bitcoin
