Strategy has become the first public company to hold over 500,000 Bitcoin, underscoring its serious commitment to the cryptocurrency sector.
New Bitcoin Acquisition
On March 24, Strategy announced that it had acquired 6,911 BTC between March 17 and March 23 for approximately $584.1 million at an average price of $84,529 per Bitcoin. This purchase brings the company's total holdings to 506,137 BTC, bought for around $33.7 billion at an average price of $66,608 per coin.
Financial Backing and Share Sales
To finance this latest Bitcoin buy, Strategy sold 1.97 million MSTR shares, bringing in $592.6 million. The company also sold 13,100 STRK shares, adding another $1.1 million to its funds. Despite these sales, it still holds significant assets, with about $3.57 billion in MSTR shares and $20.99 billion in STRK shares available for sale if needed.
Reactions and Implications
Previously, Michael Saylor faced criticism for making a 'small' purchase of 130 BTC, raising questions about his waning interest in Bitcoin. However, this acquisition dispels such assumptions and showcases his confidence in cryptocurrency.
It is evident that for Michael Saylor and Strategy, Bitcoin is a strategic asset they intend to continue accumulating.
