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Strategy, the business analytics firm formerly known as MicroStrategy, has made a significant move to expand its Bitcoin holdings. On March 24, the company, led by founder Michael Saylor, revealed that it had acquired 6,911 Bitcoin for a total of $584.1 million. This latest purchase brings its total Bitcoin holdings to an impressive 506,137 BTC, making it one of the largest corporate holders of the cryptocurrency.
The company made the acquisition at an average price of approximately $84,529 per Bitcoin, according to a filing with the U.S. Securities and Exchange Commission (SEC). By the time of the report, Bitcoin was trading at around $87,500, highlighting a potential gain for Strategy on its latest acquisition. The move adds to the company’s growing portfolio, which has now been acquired for over $33.7 billion in total.
This purchase marks a significant moment for Strategy, as it now holds more than 2.3% of the total Bitcoin supply in circulation, further cementing its position as a major institutional player in the crypto space. The company has also achieved a Bitcoin yield of 7.7% year-to-date, reflecting its ongoing strategy of building and holding Bitcoin as a long-term asset.
The purchase comes on the heels of Strategy’s announcement to raise additional capital for further Bitcoin acquisitions. Despite the broader market downturn and ongoing macroeconomic uncertainty, the company is committed to growing its Bitcoin treasury. Strategy plans to raise $21 billion through the issuance of class A strike preferred stock, with the proceeds earmarked for general corporate operations, which could include further Bitcoin purchases.
Saylor and his company’s strategy of accumulating Bitcoin has made headlines for its scale and vision. By investing heavily in Bitcoin, Strategy is betting on the long-term potential of the cryptocurrency, positioning itself as a leader in the digital asset space. The company’s growing Bitcoin treasury continues to fuel interest in its investment approach and underscores its belief in Bitcoin as a store of value.
