Strategy Buys 1,045 BTC for $110M, Holdings Hit 582,000

Strategy has added 1,045 Bitcoin for $110.2 million, bringing its total holdings to 582,000 BTC as part of its aggressive accumulation strategy.
Strategy Buys 1,045 BTC for $110M, Holdings Hit 582,000
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Key Takeaways

  • Strategy purchased 1,045 BTC for $110.2M at an average of $105,426 per coin.
  • Total holdings now stand at 582,000 BTC, worth $40.8B at an average cost of $70,086.
  • The company launched a $1B preferred stock offering to fund further Bitcoin acquisitions.

Strategy has continued its aggressive Bitcoin accumulation, purchasing 1,045 BTC for $110.2 million, according to a U.S. Securities and Exchange Commission filing on Monday.

The coins were acquired at an average price of $105,426 per Bitcoin.

Current holdings & market position

The company now holds 582,000 BTC, purchased at a total cost of $40.8 billion with an average entry price of $70,086.

This marks the ninth consecutive week Strategy has bought Bitcoin, coinciding with the asset trading just 3.9% below its all-time high of around $112,000.

Recent stock offering

The purchase was hinted at by Strategy co-founder and executive chairman Michael Saylor on June 8.

The move came shortly after Strategy quadrupled a prior stock offering, increasing it from $250 million to $1 billion.

Details of the new offering

The new offering involves 11.76 million shares of its 10.00% Series A Perpetual Stride Preferred Stock at $85 per share.

After deductions, Strategy expects to raise approximately $979 million.

The offering targets institutional investors, with a 10% non-cumulative dividend.

Historical context & influence

Strategy, formerly MicroStrategy, began its Bitcoin buying spree in August 2020 and now owns over 2.75% of the total Bitcoin supply.

Its market cap has surged from $1.2 billion in mid-2020 to $104.6 billion.

Influence on other firms

Inspired by Strategy’s model, firms like Metaplanet, The Blockchain Group, and Norwegian Block Exchange have begun similar treasury strategies, with some seeing triple-digit stock gains following BTC purchase announcements.

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