Strategy Expands Bitcoin Holdings With Additional $584.1M Purchase

Strategy, the business intelligence firm led by Michael Saylor, has once again demonstrated its unwavering confidence in the largest crypto asset, bitcoin, acquiring 6,911 BTC for $584.1 million.

The purchase pushed the company’s total Bitcoin stash to 506,137 BTC, acquired for approximately $33.7 billion at an average price of $66,608 per bitcoin. This latest acquisition has further solidified the firm’s position as the largest corporate BTC holder in the world.

Strategy Continues BTC Buying Spree

According to a Form 8-K filing with the United States Securities and Exchange Commission (SEC), the company bought 6,911 bitcoins between March 17 and March 23 at an average price of $84,529, for a total cost of $584.1 million.

The latest purchase comes a few days after the intelligence firm raised $712.2 million by selling shares of its 10% Series A perpetual preferred stock to acquire more Bitcoin. According to the company, the perpetual preferred stock will earn dividends at a fixed rate of 10% per year, based on a value of $100 per share.

Earlier this year, the company announced plans to raise $21 billion to acquire more BTC and handle other corporate matters. To accomplish this, the firm entered a sales agreement with about ten companies to issue and sell shares of its 8.00% Series A perpetual strike preferred stock, STRK. This move could give the company more funds to expand its Bitcoin holdings.

Following the latest purchase, Strategy now holds  506,137 BTC bitcoins acquired for approximately $33.7 billion at an average purchase price of $66,608 per coin. With BTC trading above $87,000 at the time of writing, the stash is currently worth $33.7 billion.

Market Impact

Saylor’s aggressive Bitcoin accumulation continues to set a precedent in the corporate world. The company’s ongoing Bitcoin investments are making headlines as it navigates the volatile crypto market.

Earlier today, Metaplanet, a Japanese investment firm, bought 159 BTC, valued at approximately $13 million, at an average price of $84,000 per coin. The company now holds roughly 3,350 BTC, worth more than $281.4 million. These firms’ continuous buying spree reflects their commitment and growing confidence in Bitcoin’s long-term value.