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Strategy Isn’t Stopping! Buys 3,273 BTC in Latest Purchase

Following its latest big buy, Strategy holds 818,334 BTC acquired for over $61 billion.

Bitcoin Strategy

The business intelligence firm Strategy has topped its BTC purchase through its latest acquisition.

The Bitcoin treasury firm revealed in its latest announcement that it accumulated 3,273 BTC (worth $255 million) over the past week. Strategy mentioned that it secured funds for the BTC acquisition through its $21 billion stash. At the time of writing, Strategy holds 818,334 BTC, acquired for $61.81 billion.

Strategy Spends $255M on BTC

The business intelligence firm noted that its latest BTC stash was acquired at an average of $77,906 per BTC.

It is worth noting that Strategy’s latest BTC accumulation is significantly lower than its acquisition announced last week. The company acquired 34,164 BTC worth $2.5 billion at the time, one of the largest weekly buys in recent times.

Since it began its Bitcoin acquisition program in August 2020, Strategy has explored various ways to raise cash to fund its BTC-buying commitment. These include convertible senior note offerings, at-the-market equity offerings, and senior secured notes.

As Strategy funds a large share of its BTC acquisitions with debt, some members of the Bitcoin community worry that a significant downturn in BTC price could adversely affect Strategy’s business and the broader Bitcoin ecosystem.

To calm everyone, Strategy’s co-founder, Michael Saylor, noted late last year that the firm could readily offload some BTC holdings if necessary. He added that this could happen if the mNAV (market Net Asset Value) goes below 1x. For context, this metric measures the company’s enterprise value to its BTC holdings. According to Strategy’s homepage, the mNAV currently sits at 1.25x.

Adding to the reasons for confidence in Strategy’s financial state is its periodic reporting of over a billion dollars in gains from BTC. With its latest acquisition, the company’s year-to-date (YTD) yield is at 9.6%.

Meanwhile, BTC trades at $77,700, representing a 3.4% increase within the past week.

More Firms Accumulate BTC

Like Strategy, various firms have dipped both feet into bitcoin accumulation. Among them is Metaplanet, the Japanese Bitcoin treasury firm widely dubbed “Japan’s MicroStrategy.”

Currently ranking as the third-largest public BTC holder, Metaplanet boasts a portfolio of 40,177 BTC. In an effort to raise more capital for bitcoin purchases, the Japanese firm noted on April 24th that it has issued 8 billion JPY in ordinary bonds to fund bitcoin acquisitions.

BlackRock, the largest asset manager, recently soaked up $700 million in BTC on behalf of its customers.

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Mishael Nwani

Mishael Nwani is an avid crypto enthusiast with over four years of experience in the industry. Since 2022, he has covered topics across cryptocurrencies, NFTs, artificial intelligence, cybersecurity, and financial markets.