Strategy scoops $1.57 billion in Bitcoin in largest purchase since January
- Strategy has purchased 22,337 Bitcoin worth $1.57 billion, boosting its holdings to 761,068 BTC.
- The company funded the purchase through sales of its STRC and MSTR Class A stock.
- Strategy's latest acquisition adds to a series of large buys in the past three weeks as Bitcoin's price stabilizes.
Strategy disclosed that it acquired 22,337 Bitcoin (BTC) for approximately $1.57 billion last week, according to a Form 8-K filing with the US Securities and Exchange Commission (SEC) on Monday.
The purchase, which took place between March 9 and March 15, represents the company's largest acquisition since January 20, when it bought roughly $2.1 billion worth of Bitcoin. The average price in the latest round was $70,194 per BTC, including fees and expenses, per the filing.
Strategy acquires Bitcoin through sale of STRC and MSTR stock
Strategy's latest acquisition was funded through proceeds generated from equity sales under its at-the-market (ATM) offering program. The firm sold 11.81 million shares of its Series A Perpetual Stretch Preferred Stock (STRC), generating approximately $1.18 billion in net proceeds after commissions. It also sold 2.8 million shares of Class A common stock (MSTR), raising an additional $396 million.
Combined, the equity offerings generated $1.57 billion, which it used to finance the Bitcoin purchase. Strategy's total Bitcoin holdings now stand at 761,068 BTC, accumulated at an aggregate cost of $57.6 billion, representing an average purchase price of $75,696.
Strategy's ongoing accumulation has included several large purchases in the past three weeks. Last week, the firm bought 17,994 BTC at approximately $1.2 billion, ending a streak of smaller purchases that spanned over a month.
The timing of the purchases coincides with the recent escalation of Middle East geopolitical tensions, with the firm capitalizing on weak prices to increase its holdings.
Bitcoin has stabilized above $70,000, bolstered by inflows into BTC exchange-traded funds (ETFs) last week totaling $793 million. This represents 75% of last week's total inflows into crypto products, which took in $1.06 billion, according to CoinShares data.
Bitcoin is trading at $74,200 on Monday, up 3.4% over the past 24 hours as of writing.
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