In a move that underscores its unwavering commitment to Bitcoin, Michael Saylor’s MicroStrategy, now rebranded as Strategy, has added 130 more Bitcoins to its portfolio. This latest acquisition, valued at approximately $10.7 million, brings the company’s total Bitcoin holdings to 499,226, solidifying its position as one of the largest corporate holders of the cryptocurrency.
The purchase, which took place between March 10 and March 16, was made at an average price of $82,981 per Bitcoin. This strategic move was funded through the sale of 123,000 shares of Strategy’s 8.00% Series A perpetual strike preferred stock, generating net proceeds of about $10.7 million. Notably, no Class A common stock was sold during this period, a decision that helps maintain the voting power of existing shareholders, including Michael Saylor.
This acquisition comes on the heels of a significant purchase in February, where Strategy spent nearly $2 billion on 20,365 Bitcoins. The company’s total Bitcoin stash is now valued at over $41.6 billion, with an average cost per Bitcoin of approximately $66,360.
Michael Saylor remains optimistic about Bitcoin’s future, emphasizing its potential as a store of value and a hedge against economic uncertainties. Despite current market volatility, Saylor believes that Bitcoin will experience a significant surge once investor confidence returns.
In a broader context, Strategy’s aggressive Bitcoin strategy has transformed the company into a leveraged Bitcoin proxy, with plans to raise up to $21 billion through preferred stock offerings to further bolster its cryptocurrency holdings. This approach has sparked both interest and concern among investors, as it relies heavily on debt instruments and stock offerings.
As Bitcoin continues to navigate a challenging economic landscape, Strategy’s actions highlight the ongoing debate about the role of corporate entities in the cryptocurrency market and their potential influence on price dynamics.
