Strategy Boosts Bitcoin Holdings to 538,000
Strategy, the business intelligence company, has bolstered its bitcoin holdings, now owning 538,000 bitcoins. This significant investment comes after the company was included in the Nasdaq 100 in December, joining tech giants like Apple and Meta. The purchase, funded by recent stock market offerings, demonstrates Strategy's commitment to bitcoin as an investment option.
Strategy's latest purchase, 6,500 bitcoins, was made at an average price of $84,800 per bitcoin, totaling $556 million. This brings the company's total bitcoin holdings to 538,000, valued at $47.2 billion at the current bitcoin price of $88,000 per bitcoin. The funding was facilitated by the issuance of Class A common stock and the sale of 'STRK' preferred shares.
The company's stock last traded at around $322, up 1.6% on the day. Michael Saylor, co-founder and Executive Chairman of Strategy, noted that the company is no longer a niche option for investing in bitcoin. This is evident in the growing number of investors, with 13,000 institutions and 814,000 retail accounts directly invested in Strategy's stock. Additionally, 55 million investors have indirect access to bitcoin through ETFs and other funds. Strategy has been consistently purchasing bitcoin since mid-March, indicating a long-term strategy.
Strategy's latest bitcoin purchase underscores the company's dedication to the cryptocurrency as a significant part of its investment portfolio. With a substantial number of investors gaining indirect exposure to bitcoin through Strategy, the company's actions are influencing the broader investment landscape. As Strategy continues to expand its bitcoin holdings, it remains a key player in the bitcoin price market.
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