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.