Strategy company purchased an additional 525 bitcoins
Strategy’s Executive Chairman Michael Saylor announced that the company currently holds 638,985 BTC on its balance sheet, totaling approximately $73.4 billion at an average price of $73,913 per coin. In total, the company has spent $47.2 billion on cryptocurrency purchases, including fees and other expenses. The amount of BTC owned by the company represents roughly 3% of the total bitcoin supply (21 million coins).
The recent cryptocurrency purchase was funded through proceeds from the sale of perpetual preferred shares Strike (STRK), Strife (STRF), and Stride (STRD). Strategy’s programs STRK, STRC, STRF, and STRD for perpetual preferred shares amounting to $21B, $4.2B, $2.1B, and $4.2B are part of the company’s plan to raise $84 billion by 2027 and spend it on acquiring bitcoin. The firm intends to raise capital through the issuance of shares and convertible bonds.
Strategy has been investing in the leading cryptocurrency since August 2020 and regularly makes large bitcoin purchases. Company management considers bitcoin an effective hedge against inflation risks.
Recently, Michael Saylor promised not to stop buying BTC and stated that on the crypto market, the winner will be the one holding the most bitcoins. Earlier, Saylor urged U.S. regulators to distinguish between digital securities, commodities, and tokens.
See also: "Largest Chinese Bitcoin holder reveals investment plans"
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