Saylor Increases Bitcoin Holdings to 500,000 BTC
Michael Saylor’s Strategy has expanded its Bitcoin holdings by acquiring an additional 6,911 BTC, valued at approximately US$584.1 million (AU$929 million). This move has bolstered the company’s total Bitcoin reserves to a significant 506,137 BTC, worth approximately US$33.7 billion (AU$53 billion). The average purchase price of BTC during this latest transaction stood at around US$84,529 (AU$134,547) per coin. This substantial investment now places Strategy well ahead of other key Bitcoin holders such as Tesla and Coinbase, with the company now owning over 2% of the global Bitcoin supply, marking a remarkable achievement.
The recent purchase follows up on Strategy’s announcement a couple of weeks ago regarding a US$21 billion (AU$33 billion) stock sale arranged to finance further Bitcoin acquisitions amidst market turbulence. This strategic capital raise is part of the company’s innovative “21/21 plan” and involves the issuance of 8% Series A Perpetual Strike Preferred Stock as a means to secure significant funding without a fixed repayment schedule. The company’s recent BTC acquisition was funded through the proceeds generated from its “Common ATM” and “STRK ATM” programs. Between March 17 and March 23, Strategy successfully sold around 1,975,000 shares of its Class A common stock, yielding net proceeds of approximately US$592 million (AU$942 million). Additionally, the company offloaded 13,100 shares of its 8.00% Series A Perpetual Strike Preferred Stock, raking in over US$1 million (AU$1.57 million).
Data sourced from BitcoinTreasuries.net highlights the fact that Strategy now possesses a considerable share of more than 2% of the total global Bitcoin supply, significantly surpassing other notable entities such as MARA Holdings, Riot Platforms, Tesla, and Coinbase, each of which holds less than 1% of the global Bitcoin stockpile.
Notably, Michael Saylor’s recent Bitcoin acquisition marks a considerable leap from the previous week when Strategy was slightly outpaced by its Japanese counterpart, MetaPlanet. Additionally, earlier concerns about the stability of Tether in the market have spurred the company to align with prominent auditing firms to alleviate apprehensions regarding the stability of the sought-after cryptocurrency.
The targeted Bitcoin purchases represent Strategy’s steadfast commitment to enhancing its portfolio and reinforcing its position as a key player in the cryptocurrency domain. This strategic move underscores the company’s confidence in Bitcoin’s potential growth and future prospects, positioning it as a frontrunner in the evolving landscape of digital currencies.
