Business intelligence company–turned–Bitcoin treasurer Strategy recently added to its massive stockpile, accumulating more of the digital asset which has experienced its toughest fourth quarter since 2022, hovering below $90,000.
Strategy Boosts Total Holdings To 672,497 BTC
The company scooped up 1,229 BTC between Dec. 22 and Dec. 28, spending approximately $108.8 million on the top crypto at an average price of $88,568 per coin, according to a Form 8-K filed with the U.S. Securities and Exchange Commission on Monday.
The Tysons Corner, Virginia-based firm now owns 672,497 Bitcoin worth about $59 billion based on BTC’s current price. Bitcoin recently changed hands at around $87,509, representing a 2.5% decline over the past week, according to crypto data provider CoinGecko, despite having set a record high above $126,000 in early October.
A Santa Claus rally across global markets has propelled U.S. stocks and precious metals to fresh all-time highs, but the premier crypto has been left out in the cold.
The latest acquisition follows a brief pause last week, when Strategy did not announce new BTC buys and instead added $747.8 million in net proceeds from the sale of common stock to its USD reserve, which now stands at a staggering $2.2 billion. The reserve is intended to support the payment of preferred stock dividends and interest on its outstanding indebtedness.
The company has historically issued its Class A common stock, MSTR, to fund its Bitcoin purchases. Per the Monday filing, Strategy sold 663,450 shares of MSTR under its at-the-market offering program, generating $108.8 million in net proceeds.
Strategy (formerly known as MicroStrategy) began buying Bitcoin in August 2020 to generate better returns for its shareholders amid inflation that rocked the U.S. and global economies during the crisis.
It has since spent just over $50.4 billion on Bitcoin and is the world’s largest corporate holder of the asset, focusing mostly on securitizing the top crypto. Investors can acquire its shares to gain exposure to BTC without having to buy and hold the digital asset.
Source: https://zycrypto.com/michael-saylors-strategy-drops-109-million-on-bitcoin-after-a-brief-one-week-pause/
