Strategy, formerly known as MicroStrategy, has further increased its Bitcoin reserves, acquiring an additional 4,980 BTC for approximately $531.9 million. The purchases were made between June 23 and June 29 at an average price of $106,801 per Bitcoin, according to an 8-K filing with the Securities and Exchange Commission on Monday.
The latest acquisition brings Strategy’s total Bitcoin holdings to 597,325 BTC, valued at over $64 billion. The company’s total cost for these acquisitions, including fees and expenses, stands at approximately $42.4 billion, with an average purchase price of $70,982 per Bitcoin, according to co-founder and executive chairman Michael Saylor. This holding represents more than 2.8% of Bitcoin’s total supply of 21 million and implies an unrealized gain of approximately $21.6 billion.
The recent acquisitions were financed through the sale of the company’s Class A common stock (MSTR), perpetual Strike preferred stock (STRK), and perpetual Strife preferred stock (STRF). Last week, Strategy sold 1,354,500 MSTR shares for about $519.5 million. As of June 29, $18.1 billion worth of MSTR shares remain available for sale under that program. Additionally, the firm sold 276,071 STRK shares for approximately $28.9 million, with $20.5 billion remaining available, and 284,225 STRF shares for $29.7 million, with $1.9 billion remaining.
These perpetual preferred stock programs, totaling $21 billion for STRK and $2.1 billion for STRF, are part of the firm’s broader “42/42” plan. This initiative targets an $84 billion capital raise through equity offerings and convertible notes to fund Bitcoin acquisitions through 2027, an increase from its initial “21/21” plan which aimed for $42 billion.
Michael Saylor has consistently expressed a long-term bullish outlook on Bitcoin. He recently alluded to future acquisitions, updating Strategy’s Bitcoin portfolio tracker with the statement, “In 21 years, you’ll wish you’d bought more.” This references his recent keynote at BTC Prague, where he projected Bitcoin’s value to reach $21 million in 21 years.
