Strategy, a renowned business intelligence firm, has made a bold move by acquiring an additional $584 million in bitcoin, pushing its total holdings to over half a million BTC. This latest purchase occurred between March 17 and March 23, during which Strategy snagged 6,911 bitcoins at an average price of $84,529 each. With this acquisition, the company’s total bitcoin reserves now stand at an impressive 506,137 BTC, accumulated at a cost of $33.7 billion.
Under the leadership of CEO Michael Saylor, Strategy has been on a bitcoin buying spree since 2020. The firm sees bitcoin as a stable store of value, particularly in times of rising inflation and global economic uncertainties. The funds for this recent bitcoin addition were sourced from the sale of approximately 1.975 million common stock shares, raising around $592 million, along with the STRK ATM.
Strategy’s emphasis on bitcoin has made it a standout example in the corporate world, showcasing the potential of allocating treasury reserves into this digital asset. Companies like Metaplanet and Semler Scientific have followed suit, albeit on a smaller scale.
By betting on the network effects of bitcoin and its acceptance as “digital gold,” Strategy seeks to enhance long-term shareholder value. Notably, since its initial foray into bitcoin, the company’s stock has seen significant growth.
As bitcoin continues to gain traction among institutions and even nations, Strategy maintains steadfast confidence in its bitcoin-focused approach. This purchase is yet another testament to the firm’s belief in the maturing status of bitcoin as a valuable financial asset.
