Strategy Purchased $980 Million Worth of Bitcoin
Strategy reported that it currently holds 671,268 BTC in its wallets (more than 3% of the total supply of the leading cryptocurrency). This marks the second consecutive week in which the number of bitcoins purchased by the company over a seven-day period exceeded 10,000 BTC. The last time such volumes were recorded was during the summer, when the price of the leading cryptocurrency was around $117,000.
Funds for the acquisition of the new batch of BTC were raised through the issuance of additional MSTR common shares as well as Strike, Strife, and Stride preferred shares. The perpetual preferred share issuance program complements Strategy’s “42/42” plan, which aims to raise $84 billion through equity offerings and convertible debt to acquire the leading cryptocurrency. The stated duration of the plan runs through 2027.
Since 2020, Strategy has spent more than $50 billion on Bitcoin purchases at an average acquisition price of $74,970. The company’s Chief Executive Officer, Phong Le, has repeatedly emphasized that the long-term asset accumulation strategy remains unchanged and that the chosen business model is resilient to market volatility.
Previously, Strategy founder and Executive Chairman Michael Saylor announced the company’s intention to acquire the maximum possible amount of available Bitcoin. According to him, this would remove the asset from circulation and preserve its fundamental value.
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