Strategy (previously MicroStrategy) purchased 7,390 BTC for approximately $764.9M. The company completed the purchases between May 12 and May 18. The business now owns 576,230 BTC, valued at more than $59B, acquired at an average price of $69,726 per bitcoin. This is 2.7% of bitcoin's supply, implying around $18.8 billion in paper gains.
The acquisitions were funded by the profits from the sale of Strategy's class A common stock (MSTR) and perpetual strike preferred stock (STRK). The firm's "42/42" plan calls for a total capital raise of $84 billion for bitcoin acquisitions by 2027.
Michael Saylor, Strategy's co-founder and executive chairman, alluded to another bitcoin acquisition filing. However, his assertion was met with criticism by a veteran Wall Street trader, who questioned the transparency of the transfers. Strategy's significant bitcoin acquisitions have previously helped the cryptocurrency's rise. However, economists believe that a stop in aggressive buying could result in a steady decline in momentum.
More than 70 organizations have now used some sort of bitcoin as a treasury, including Cantor Fitzgerald, SoftBank, Bitfinex, Tether, Semler Scientific, KULR, and Japanese investment firm Metaplanet.
