Strategy has expanded its Bitcoin coffers with the most recent purchase of $110 million, according to a Monday announcement by co-founder Michael Saylor.
The company now holds 582,000 BTC that were acquired for more than $40.7 billion. It is now steadily approaching the 600,000 BTC milestone that will likely be surpassed in the near future.
Following its latest move, the company's average purchasing price has now climbed well above the $70,000 level. This level was surpassed for the first time with its previous purchase.
The trio of preferred stock offerings
Last week, Strategy increased its STRD ("Stride") preferred stock offering to $1 billion, benefiting from strong investor demand. The offering is set to close on Tuesday.
Earlier this year, Strategy also came up with STRF ("Strife") and STRK ("Strike") products in order to secure more firepower for its Bitcoin purchases.
STRD is the riskiest of the trio, offering a yield of around 11.75%. The product has a 10% annual dividend, but it's non-mandatory and non-cumulative. For comparison, STRF offers a cumulative 10% dividend, meaning that payments get added on if they are missed.
STRK has a potential equity upside due to its conversion feature while the two younger products are pure dividend plays.
Saylor's Bitcoin price prediction
Bitcoin is currently changing hands at $107,737 after spiking by roughly 2% over the past 24 hours.
As reported by U.Today, Saylor recently predicted that the price of Bitcoin could skyrocket to $13 million in the long term.
