Strategy Buys 7,633 Bitcoins for $742M, Boosts Holdings to $2.2B

Strategy, the business intelligence software company, has revealed that it acquired approximately 7,633 Bitcoins (BTC-USD) between February 3 and February 9. The company spent around $742.4 million in cash to purchase the BTC at an average price of approximately $97,300 per coin. The acquisitions were made using the proceeds from the company's cash on hand.

The purchase is part of Strategy's ongoing commitment to Bitcoin as a reserve asset. The company has been actively buying BTC since August 2020, when it first announced its intention to use Bitcoin as a primary treasury reserve asset. Since then, Strategy has acquired a significant amount of Bitcoin, with its current holdings valued at over $2.2 billion at the time of writing.

Strategy's CEO, Michael Saylor, has been a vocal advocate for Bitcoin, praising its potential as a store of value and a hedge against inflation. In a recent interview, Saylor stated that Bitcoin's scarcity and decentralization make it an attractive investment for the company. He also noted that Strategy's Bitcoin purchases have been profitable, with the company's BTC holdings appreciating significantly since its initial investments.

The company's Bitcoin purchases have also been a significant driver of its stock price. Since August 2020, Strategy's stock price has more than quadrupled, reflecting investors' enthusiasm for the company's Bitcoin strategy. However, the company's focus on Bitcoin has also drawn criticism from some analysts, who argue that the company's balance sheet is overly concentrated in a single asset.

Despite the criticism, Strategy has shown no signs of slowing down its Bitcoin purchases. In fact, the company has stated that it plans to continue acquiring Bitcoin as long as it believes that the asset is undervalued. With Bitcoin's price currently hovering around $40,000, Strategy may have more opportunities to add to its holdings in the near future.