Strategy Boosts Corporate Stash With $110 Million Bitcoin Top-Up As Total Holdings Reach 582,000 BTC

Michael Saylor-led Strategy, formerly MicroStrategy, expanded its Bitcoin coffers with its most recent purchase.

According to a Monday US Securities and Exchange (SEC) filing, Strategy scooped up 1,045 Bitcoin between June 2 and June 8 at an average price of $105,426 per coin.

The Tysons, a Virginia-based firm, is the world’s largest corporate holder of Bitcoin, controlling 582,000 Bitcoin worth roughly $62.7 billion based on current prices. Strategy started accumulating Bitcoin in August 2020 with an initial purchase of 21,454 BTC for $250 million. It now owns the equivalent of 2.8% of Bitcoin’s total 21 million supply. 

Bitcoin was changing hands at $107,687 at press time, up about 1.9% over the past 24 hours, according to crypto market data provider CoinGecko. Last month, the apex crypto climbed to an all-time high of $111,000 before giving up those gains.

Strategy’s total cache was purchased at an average price of $70,086 per Bitcoin for a total cost of around $40.8 billion, including fees and expenses.

Strategy’s most recent Bitcoin acquisition was financed with proceeds from at-the-market sales of its perpetual Strike preferred stock, STRK, and perpetual Strife preferred stock, STRF. The company raised $66.4 million and $45.8 million by selling STRF and STRK, respectively.

“Strategy is fully torqued Bitcoin,” Strategy co-founder and executive chairman Michael Saylor posited Friday on X, highlighting the Bitcoin Treasury company’s comparatively impressive performance compared to Tesla, Bitcoin, Meta, and gold, among other companies and assets over the past year.

The company’s market capitalization stands at $102.3 billion, up from the $1.2 billion reported in July 2020 before kicking off its Bitcoin accumulation spree. Its success story has inspired a long list of other publicly traded companies to follow suit.

With Trump Media and Gamestop recently joining the likes of Metaplanet (nicknamed “Japan’s MicroStrategy”) and Semler Scientific in adopting Saylor’s Bitcoin playbook and building their own BTC treasuries.