Strategy buys 4,020 BTC bitcoin for $427 million, total holdings reach 580,250 BTC
Strategy (formerly MicroStrategy), a Bitcoin
BTC +2.20%
treasury company co-founded by American entrepreneur and investor Michael Saylor, purchased 4,020 bitcoins for about $427.1 million at an average price of $$106,237 per coin last week, according to a press release shared on Monday.
The acquisition raised Strategy’s total holdings to 580,250 BTC, which cost approximately $40.61 billion to buy at an average price of $69,979 per bitcoin, including fees and expenses. The company boasts $22.7 billion in paper gains and controls nearly 3% of bitcoin’s total 21 million supply.
Strategy funded the latest buys using proceeds from selling its class A common stock, MSTR, perpetual strike preferred stock, STRK, and Series A perpetual strife preferred stock, STRF. Between May 19 and May 23, Strategy sold 847,000 MSTR Shares for $348.7 million in net proceeds. Also, Strategy sold 678,970 STRK Shares for $67.9 million and 104,423 STRF Shares for $10.4 million in net proceeds.
Bernstein predicts $330 billion from Strategy copycats
More institutions have adopted the Strategy’s playbook, establishing bitcoin treasuries in some capacity. Over 70 entities have confirmed BTC on their balance sheets, with companies like Tether-backed Twenty One joining KURL, Metaplanet, and Semler Scientific in the bitcoin accumulation race.$BTC
