Business intelligence firm Strategy has purchased an additional $427.1 million worth of Bitcoin, according to a Monday announcement.
The company has now spent a whopping $40.6 billion on its enormous streak of Bitcoin buys.
Notably, the average purchase price was above the $106,000 level this time around. Bitcoin is currently changing hands just below $110,000.
At current prices, the total value of Strategy's Bitcoin holdings currently stands at nearly $64 billion. The company has been acquiring Bitcoin in a notably expeditious fashion.
card
The company's average purchase price has now approached the $70,000 level for the first time.
The company's shares are down 1% in premarket trading after plunging by 7.5% on Friday.
"We'll just keep buying"
Last week, Strategy announced another $2.1 billion at-the-market (ATM) equity offering that is supposed to fund its future Bitcoin purchases. The company is selling its STRF stock that pays a 10% dividend on an annual basis.
Over the past week, the company raised a total of $427 million through the sale of different types of securities.
Strategy cofounder Michael Saylor has made it clear that the company will keep buying more Bitcoin even if the price of the leading cryptocurrency gets exponentially higher.
"We'll just keep buying. The price is gonna go up. It's gonna get exponentially harder, and the price is going to go up exponentially higher, and we'll just keep buying," he said.
By the time Strategy gets to 5% of the entire supply, Bitcoin is likely going to trade at $1 million per coin, according to Saylor.
