Michael Saylor’s Strategy has made headlines once again by resuming its aggressive acquisition of Bitcoin, with a substantial purchase totaling $330 million. The company, which transitioned from a traditional software provider to a significant player in the cryptocurrency market, added to its already robust treasury over the past week, having temporarily paused its purchasing activities the previous week.
In this latest acquisition, Strategy bought Bitcoin at an average price of $67,718 per coin. This latest round of purchases came to approximately $329.9 million, contributing to a total Bitcoin holding of 766,970 coins, which is currently valued at around $58.02 billion. However, despite the impressive scale of their holdings, the company’s average cost basis per Bitcoin stands at $75,644, placing their investment underwater by about 8%, which translates to a loss of approximately $5 billion.
To finance these substantial purchases, Strategy utilized proceeds from the sale of preferred stock amounting to $227.3 million, in addition to $72 million from sales of common stock. This strategic financing approach allows the company to maintain a cash flow while continuing to expand its Bitcoin portfolio.
With this latest acquisition, Strategy now controls an impressive 3.8% of Bitcoin’s total circulating supply, estimated at 20 million coins, solidifying its status as the largest corporate holder of Bitcoin globally. As Bitcoin’s market fluctuates, the focus remains on Strategy’s long-term vision and commitment to Bitcoin, even in the face of short-term losses.
