Details
Strategic Company (formerly known as MicroStrategy) announced a new large purchase of Bitcoin, increasing its holdings to 538,200 Bitcoins, reinforcing its position as the largest institutional owner of this digital currency globally.
Michael Saylor, the co-founder and current CEO of the company, revealed details of this deal in a statement published earlier today.
According to the statement, the company spent about $555.8 million to purchase 6,556 Bitcoins, raising the overall average purchase cost in this operation to $84,785 per Bitcoin.
This deal likely took place last week, as the price of Bitcoin exceeded $87,000 later and mostly stabilized around that level.
Thus, the total amount spent by Strategic Company on accumulating Bitcoin reaches $36.47 billion, with an average total cost of $67,766 per coin.
According to current prices, the company's unrealized profits are estimated at around $10 billion.
On the other hand, the company's stock has shown remarkable resilience in the face of recent economic tensions, including the ramifications of tariffs imposed by former U.S. President Donald Trump.
Despite the drop in the stock price to $230 during the sell-off witnessed by the market two weeks ago, the stock managed to recover, closing at around $320 on Friday, achieving a monthly increase of 4%.