Strategy, the largest Bitcoin (BTC) treasury company formerly known as MicroStrategy, has reinforced its vision to accumulate Bitcoin by acquiring nearly $450 million worth of the market’s leading cryptocurrency.
This latest purchase adds to the firm’s substantial holdings, which now total 636,505 BTC, acquired at an average cost of approximately $73,765 per Bitcoin, amounting to an investment of around $46.95 billion.
This includes 199,509 shares of 8.00% Series A Perpetual Strike preferred stock for $19 million, 237,931 shares of 10.00% Series A Perpetual Strife preferred stock for $26.5 million, and 1,237,000 shares of MSTR for $425.3 million.
The aggressive investment strategy employed by Saylor’s firm has inspired other public companies to explore similar avenues. Strategy has been a trailblazer in this space, being one of the first publicly traded companies to adopt Bitcoin as a primary treasury asset.
A notable example of this investment shift by public companies is Metaplanet, often referred to as “Japan’s MicroStrategy.” The company has approved a plan to sell up to 550 million new shares overseas, aiming to raise approximately 130.3 billion yen ($884.41 million) to finance additional Bitcoin purchases.
Once a hotel operator, Metaplanet has pivoted to focus on cryptocurrencies, inspired by Saylor’s approach. Founder and CEO Simon Gerovich liquidated most of the company’s hotel assets, which had been struggling due to the COVID-19 pandemic, redirecting those funds into Bitcoin starting in April 2024.
Strategy’s stock, under the ticker symbol MSTR, is trading at $343 as of this writing, up 2.5% from Monday’s price. Meanwhile, Bitcoin trades at $111,630, up 2% in the last 24 hours.
Featured image from DALL-E, chart from TradingView.com
