Strategy buys an additional $584 million in bitcoin, boosting holdings above 500,000 BTC. The company continues to aggressively accumulate BTC to maximize long-term shareholder value.
Business intelligence company Strategy has purchased an additional $584 million worth of bitcoin, increasing its total holdings to over half a million BTC.
Strategy acquired 6,911 bitcoin between March 17-23 at an average price of $84,529 per coin. This brings the company’s bitcoin reserves to 506,137 BTC purchased at a cost of $33.7 billion.
Strategy has been aggressively accumulating bitcoin since 2020 under the direction of CEO Michael Saylor. The company views bitcoin as a long-term store of value to hedge against inflation and global uncertainty.
Funds for this latest bitcoin purchase came from Strategy’s sale of 1.975 million shares of common stock, raising approximately $592 million and the STRK ATM.
With its laser focus on bitcoin, Strategy has become a leading corporate example of allocating treasury reserves to vitcoin. Other public companies, like Metaplanet and Semler Scientific, have followed a similar game plan on a smaller scale.
By staking its future on bitcoin’s network effects and adoption as ‘digital gold’, Strategy aims to maximize long-term shareholder value. The company’s stock price has skyrocketed since its first BTC purchase.
With bitcoin gaining credibility among institutions, companies, and even nations, Strategy remains confident in its bitcoin-centric strategy. This latest acquisition shows the company putting its money where its mouth is during the asset’s ongoing maturation.
Vivek has been fascinated by Bitcoin since he discovered it in 2016. He also runs a Bitcoin marketing agency, Bitgrow Lab, and he used to work at a Bitcoin VC fund, Lightning Ventures. He loves growth, marketing, startups, and writing. He is an EU news reporter for Bitcoin Magazine.
