Strategy, formerly known as MicroStrategy, has made a new Bitcoin purchase, acquiring 7,390 BTC for $764.9 million.
Details of the BTC Purchase
The acquisition of Bitcoin was made between May 12 and May 18 and was funded through the sale of company shares, including 1.7 million shares of common stock for $705.7 million and 621,555 shares of Series A for $59.7 million.
Company's Total Reserves
Strategy's total Bitcoin reserves now stand at 576,230 BTC, representing more than 2.7% of the total Bitcoin supply of 21 million. The company's Bitcoin holdings are currently valued at over $59 billion.
Company's Legal Issues
The company also disclosed a new class action lawsuit filed on May 16, alleging it misled investors and failed to disclose risks associated with its Bitcoin strategy. The company plans to contest the claims.
Bitcoin acquisition remains a key component of the company's strategy, despite legal challenges and market fluctuations.
