#What recent acquisition has Strategy Inc. made in Bitcoin?
Strategy Inc., a well-known business intelligence firm, recently expanded its Bitcoin holdings by acquiring 592 BTC. This strategic move occurred during the week concluding on February 22, where the company invested nearly $40 million, with each Bitcoin bought at an average cost of approximately $67,286.
This recent purchase elevates Strategy's total Bitcoin inventory to a considerable 717,722 coins, collectively valued at around $48 billion based on current market prices. This accumulation highlights the firm’s commitment towards holding Bitcoin as its primary treasury asset.
#How did Strategy fund this acquisition?
A new filing with the Securities and Exchange Commission reveals that Strategy financed the Bitcoin purchase by selling 297,940 shares of its Class A common stock. This transaction, facilitated through an at-the-market program, generated nearly $40 million in net proceeds after accounting for commissions.
#What is the future outlook for Strategy’s Bitcoin purchases?
As of February 22, Strategy maintains a robust financial position, with around $37 billion still accessible for additional investments through its various ATM offerings. This substantial purchasing capacity indicates the firm’s ongoing interest in strengthening its position in the cryptocurrency market.
Since its pivot to digital assets in August 2020, Strategy has positioned itself as the largest corporate holder of Bitcoin among publicly traded entities. This remarkable evolution underscores a significant trend towards institutional adoption of cryptocurrencies, particularly Bitcoin, as a viable asset class.