Who needs a savings account when you can just buy Bitcoin by the truckload? Strategy, formerly known as MicroStrategy, has once again dipped its toe into the crypto pool, this time scooping up a whopping 20,356 BTC. That’s right, folks, the company is now a mere 904 BTC away from hitting the magical 500,000 BTC mark. 🎉
Strategy: The Bitcoin Hoarder
In a recent X post, Michael Saylor, the co-founder and executive chairman of Strategy, announced that the company had acquired 20,356 BTC for a cool $1.99 billion, at an average cost of $97,514 per BTC. According to an 8-K filing with the SEC, this purchase was made between February 18 and 23. That’s a lot of Bitcoin, and a lot of zeros, but hey, when you’re Michael Saylor, you don’t do things by halves.
As of now, Strategy holds a total of 499,096 BTC, valued at a staggering $33.1 billion, with an average purchase price of $66,357 per BTC. That’s more than 2.3% of the total BTC supply, which is like owning a small country. 🌍
But wait, there’s more! Strategy has also managed to raise $2 billion through a zero-coupon convertible note offering. These notes, which mature on March 1, 2030, allow every $1,000 in notes to be converted into 2.3072 shares of Strategy’s Class A common stock at a conversion price of $433.43 per share. After accounting for fees and expenses, Strategy netted $1.99 billion from the offering. The company plans to use the proceeds for “general corporate purposes, including the acquisition of Bitcoin and for working capital.”
This note offering is part of Strategy’s ambitious 21/21 Plan, which aims to raise up to $42 billion to finance future BTC acquisitions. So far, the company has raised nearly $20 billion toward this goal. Saylor had hinted at this Bitcoin acquisition on Sunday, and now it’s official. 📢
Following the announcement, Strategy’s stock (MSTR) is trading at $303.50, up 1.27% in pre-market trading. Over the past year, the stock has surged by an impressive 345%, outperforming Bitcoin, which is up 86.7% over the same period. Clearly, the market loves a good Bitcoin binge. 📈
Companies Undeterred by Crypto Market Drawdown
Despite the crypto market capitalization dropping from a peak of $3.90 trillion on December 16 to $3.31 trillion, investors remain undeterred. Many are still pouring money into the asset class, fueled by the hope of favorable regulatory developments following Donald Trump’s victory in the November election. 🤷♂️
Other companies like Semler Scientific, Rumble, and Metaplanet have also made significant BTC purchases this year. At the time of writing, BTC trades at $95,389, down 0.6% in the past 24 hours. But hey, when you’re in it for the long haul, a little dip is just a speed bump on the road to crypto riches. 🛵
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2025-02-25 07:13