The company Strategy (formerly MicroStrategy) has expanded its cryptocurrency portfolio by purchasing an additional 7,390 bitcoins worth approximately $764.9 million.
Expanding Bitcoin Portfolio
The recent purchase has brought the company's total bitcoin holdings to an impressive 576,230 BTC. The market value of this volume exceeds $59 billion, with an average purchase price of $69,726 per bitcoin.
Financial Mechanisms of Acquisitions
Recent acquisitions have been funded through the sale of Class A common stock (MSTR) and fixed-rate preferred stock (STRK). Last week, the company sold 1,712,708 shares of MSTR, raising approximately $705.7 million.
Corporate Interest in Bitcoin
To date, over 70 companies have implemented various bitcoin investment models. A $3.6 billion bitcoin project led by companies like Cantor Fitzgerald and SoftBank has been recently announced.
Thus, Strategy's approach to expanding its bitcoin portfolio illustrates the growing corporate interest in cryptocurrencies and a new wave of bitcoin investments.
