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Strategy purchased 4,048 BTC for $449.3M, increasing its holdings to 636,505 BTC. The funding came from selling 1.23M MSTR shares and other assets, despite declines in both Bitcoin and MSTR stock. The legal dismissal of accounting claims removes a key overhang and reinforces Strategy's role as a major institutional buyer.

In a significant move, Strategy (formerly MicroStrategy) has expanded its Bitcoin holdings by purchasing an additional 4,048 BTC for $449.3 million. This acquisition increases Strategy's total Bitcoin reserves to 636,505 BTC, equivalent to over $68 billion. The funding for this purchase came from the sale of 1.23 million MSTR shares and other assets, despite declines in both Bitcoin and MSTR stock prices.

The legal dismissal of accounting claims has removed a key overhang from Strategy, reinforcing its role as a major institutional buyer of Bitcoin. This move follows a pattern of aggressive Bitcoin accumulation by the company, which has seen its Bitcoin holdings grow significantly in recent years.

Strategy's co-founder and Executive Chairman, Michael Saylor, has been a vocal proponent of Bitcoin and has personally invested in the cryptocurrency. Saylor has stated that Bitcoin will compete with traditional store-of-value assets such as gold and equities, and that Strategy aims to own as much as 7% of the total Bitcoin supply.

This latest acquisition is part of Strategy's broader Bitcoin strategy, which has been credited with delivering superior performance compared to traditional enterprise software companies. The company's Q1 2024 earnings call highlighted the benefits of adopting a Bitcoin strategy, with Saylor claiming that it had enabled the company to deliver 10x to 30x the performance of rivals in the business intelligence sector.

References:
[1] https://finance.yahoo.com/news/10-public-companies-biggest-bitcoin-193206248.html