In a recent filing, Michael Saylor’s Strategy (MSTR) reported acquiring an additional 34,164 bitcoin for about $74,395 each over the past week, amounting to nearly $2.54 billion in total expenditure. This purchase has increased the company’s Bitcoin holdings to 815,061 BTC, with an overall investment of approximately $61.56 billion at an average cost basis of $75,527 per coin. Presently, with Bitcoin trading near $75,000, Strategy’s holdings are roughly at a break-even point. As the largest publicly-traded entity holding Bitcoin, Strategy initiated its acquisitions in 2020 to bolster its balance sheet.
The recent purchase was financed through $2.2 million from sales of preferred stock known as Stretch (STRC), along with $366 million raised via common stock offerings. Despite these significant investments, MSTR shares have experienced a decline of over 2.5% in pre-market trading.