Michael Saylor's Strategy, formerly known as MicroStrategy, announced the purchase of 1,955 bitcoins (BTC) for $217 million. This acquisition comes after the company missed out on inclusion in the S&P 500.
Bitcoin Acquisition
The company stated it purchased 1,955 BTC for approximately $217.4 million, averaging $111,196 per coin. It now holds 638,460 BTC acquired for a total of $41.17 billion at an average price of $73,880.
MSTR Stock Increase
MSTR shares rose by 2.54% and are trading around $335 after the latest Bitcoin purchase. This followed the company's inability to be included in the S&P 500 last week. Although trading flat last week, shares have declined by over 10% in the past month.
Funding for Purchase
The SEC filing indicates that the Bitcoin acquisition was primarily funded through the sale of MSTR shares. The Strategy raised $200.5 million from 591,606 MSTR shares, along with $11.6 million from STRF and $5.2 million from STRK.
By continuing to increase its Bitcoin holdings, Michael Saylor's Strategy demonstrates confidence in the cryptocurrency market while maintaining steady growth in both its assets and company shares.
