Strategy Resumes Bitcoin Buying Spree, Adds $2B in BTC

Strategy, the software company formerly known as MicroStrategy, has resumed its Bitcoin buying spree after a one-week pause, adding approximately $2 billion worth of the cryptocurrency to its balance sheet. The company now holds nearly 500,000 BTC in total, making it one of the largest corporate holders of Bitcoin.

The latest purchase, which took place between February 18 and February 23, saw Strategy acquire 20,356 BTC at an average price of $97,514 per token, including expenses and fees. This brings the company's total Bitcoin stockpile to approximately 499,096 BTC, which is currently valued at around $46.9 billion at Bitcoin's current price of $94,156.

The aggregate cost of Strategy's Bitcoin holdings is approximately $33.1 billion, demonstrating the company's long-term commitment to the world's largest cryptocurrency. The latest acquisition came as Strategy raised another $2 billion in a 0% senior convertible note offering, which raised $1.99 billion after expenses.

Strategy's ambitious "21/21 Plan" aims to raise $42 billion in capital over the next three years to buy more Bitcoin. The plan involves raising $21 billion via equity and another $21 billion through fixed-income securities. The company has already raised $20 billion of that $42 billion, primarily through senior convertible notes and debt.

Strategy's pivot to Bitcoin began in 2020 when the company started buying the cryptocurrency as a way to create good returns for shareholders amid the pandemic. Then-CEO Michael Saylor, who still asserts that Bitcoin is an inflation hedge, has led the company's Bitcoin acquisition spree.

As Strategy's Bitcoin holdings near half a million, the company has an unrealized profit of roughly $13.8 billion. Strategy currently holds over 2.3% of Bitcoin's total 21 million supply, making it one of the largest corporate holders of the foremost crypto. More companies are increasingly following in Strategy's footsteps, adopting Bitcoin as their treasury hedge asset.