Bitcoin’s price may be falling amid the conflict between the U.S., Israel, and Iran, but under the leadership of Executive Chairman Michael Saylor, Strategy has once more expanded its already substantial holdings above 720,000 BTC.
Strategy Snaps Up More Bitcoin
In the week ending March 1, the Nasdaq-traded firm—formerly MicroStrategy— purchased 3,015 BTC for approximately $204.1 million, according to a Monday 8-K filing with the U.S. Securities and Exchange Commission. This latest Bitcoin average purchase price was $67,700, increasing Strategy’s overall average purchase price to $75,985.
The company’s total Bitcoin holdings have climbed to 720,737 BTC, valued at approximately $47.5 billion. Relative to Bitcoin’s fixed 21 million supply limit, the stash represents slightly more than 3.4% of the maximum coins that will ever exist and suggests roughly $7.2 billion in unrealized losses at current market prices. Bitcoin is down 2.2% on the day to $65,435 as of publication time, according to CoinGecko data.
Once again, Michael Saylor teased the milestone on X on Sunday ahead of the announcement, with the caption “The Turn of the Century,” seemingly expecting complete hyperbitcoinization to occur within the next several decades.
The most recent purchases were funded through proceeds generated from at-the-market offerings of its Class A common shares, MSTR, as well as its Variable Rate Series A Perpetual Stretch Preferred Stock, STRC. Over the past week, Strategy offloaded 1,730,563 shares of MSTR, generating roughly $229.9 million in proceeds. Strategy additionally sold shares of STRC, raising approximately $7.1 million, according to the filing.
Unfazed By The Prolonged Crypto Downturn
Strategy kicked off its Bitcoin purchases in August 2020 with an initial $250 million investment. Over multiple market cycles, it has steadily grown its holdings, cementing its position as the world’s largest corporate Bitcoin holder.
With 717,722 BTC now held on its balance sheet, Bitcoin exposure continues to sit at the heart of Strategy’s corporate playbook and capital framework, nearly six years after it made its initial purchase.
Despite sitting on significant unrealized losses, Strategy shows little sign of retreat, with Saylor pressing ahead to further grow the company’s Bitcoin reserves.
As reported by ZyCrypto, Saylor recently declared that Bitcoin is ultimately headed toward $1 million— assuming it doesn’t collapse to zero.
Source: https://zycrypto.com/michael-saylors-strategy-just-snagged-3015-bitcoin-for-treasury-total-stack-now-over-720000-btc/
