Strategy Buys Almost $2B More Bitcoin, Stash Nears 500,000 BTC
Business intelligence and bitcoin treasury company Strategy (MSTR) said Monday it has again expanded its bitcoin holdings, acquiring nearly $2 billion more of the digital currency.
Strategy, formerly known as MicroStrategy, said in a regulatory filing that it purchased an additional 20,356 bitcoin at an average price of $97,514.The purchase, which was funded through a zero-coupon convertible note offering, brings the company’s total bitcoin reserves to 499,096 bitcoin.
With this latest purchase, Strategy now holds more than 2.3% of bitcoin’s fully diluted supply capped at roughly 21 million.According to bitcoin supply tracker BitcoinTreasuries, BlackRock's iShares Bitcoin Trust (IBIT) is the only other entity with a larger share of the total bitcoin supply on its books, at nearly 2.8% of total existing bitcoin.
Over the weekend, Strategy Executive Chairman Michael Saylor telegraphed the latest purchase announcement on X, as he has done previously.Strategy has announced a new bitcoin purchase nearly every week since November. This week's buy was the largest such purchase since Dec. 9.
Strategy has been using a combination of debt and equity offerings to fuel its accumulation of bitcoin.
The aggressive manner in which Strategy has been accumulating bitcoin has led to a massive increase in its stock market capitalization over the past few years; however, there are still plenty of skeptics who do not view the approach as sustainable over the long term.
Strategy shares were down about 4% in late trading Monday, though the stock is still up more than 300% over the past 12 months. Bitcoin, which has traded within a relatively narrow range in recent weeks, was around $95,000, well below its record high level of around
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