In a significant move for the cryptocurrency market, Michael Saylor, the executive chairman of Strategy (MSTR), announced on social media platform X that the company has acquired 535 bitcoins, investing approximately $43 million at an average price of about $80,340 per coin. This latest acquisition brings Strategy’s total bitcoin holdings to an impressive 818,869 BTC, which the company has accumulated over time for a cumulative cost of $61.86 billion, resulting in an average cost basis of $75,540 per bitcoin.
With bitcoin currently trading above $81,000, Strategy’s holdings are now positioned for profit, reflecting a robust investment strategy amidst fluctuating market conditions. This recent purchase was made possible by approximately $42.9 million raised through the sale of the company’s preferred stock, as detailed in a filing with the Securities and Exchange Commission on May 11.
This announcement follows the company’s first-quarter earnings call, during which it expressed a willingness to sell some of its bitcoin reserves as needed to repay convertible debt or meet dividend obligations. However, the company specified that any such move would only be considered if it would remain favorable on a bitcoin-per-share basis.
In the wake of this news, MSTR shares experienced a boost, rising over 1% in pre-market trading. As the largest publicly traded corporate holder of bitcoin, Strategy continues to play a pivotal role in the evolving landscape of cryptocurrency investments.
