Strategy Buys Nearly $1 Billion in Bitcoin, Increasing Holdings to Over 660,000 Coins
Strategy (MSTR) purchased 10,624 bitcoin last week for a total of $962.7 million, averaging $90,615 per bitcoin. The acquisition was primarily funded by selling $928.1 million in common stock, with an additional $34.9 million raised through STRD preferred stock.
This latest purchase raises Strategy's total bitcoin holdings to 660,624 coins, which were acquired at an average cost of $74,696 per bitcoin, totaling $49.35 billion. Bitcoin's price traded around $94,000, marking a 3% increase in the past 24 hours.
While MSTR shares have fallen over 50% in the past six months, they were modestly higher in premarket trading, up 2.1% to $182.74. Strategy has been consistently buying bitcoin nearly every week, with recent larger purchases facilitated by stock sales despite weak price action in bitcoin.
Michael Saylor, the company's Executive Chairman, is currently in Abu Dhabi attending the BTC Conference, where he is meeting with sovereign wealth funds, banks, family offices, and hedge funds across the Middle East.
