Strategy Makes a Splash with $110.2 Million Bitcoin Purchase 💸
In an exciting development for the crypto world, Strategy has acquired a whopping $110.2 million worth of Bitcoin as its price hovers near record highs. According to a US Securities and Exchange Commission (SEC) filing, Strategy scooped up 1,045 Bitcoin at an average price of $105,426 per coin. This move brings the company's total Bitcoin holdings to a staggering 582,000 BTC.
Riding High as Bitcoin Nears All-Time High 📈
Strategy's latest acquisition comes at a time when Bitcoin is trading at $107,640, just 3.9% shy of its all-time high of $112,000. Michael Saylor, Strategy's co-founder and executive chairman, had hinted at this purchase, which marks the ninth consecutive week of Bitcoin acquisitions. Strategy's commitment to Bitcoin appears unshaken as it continues to fortify its crypto reserves.
Fueling Future Success: Strategy’s $1 Billion Stock Offering 💼
Alongside the Bitcoin buy, Strategy has unveiled a $1 billion stock offering, a substantial increase from their previously announced $250 million raise. The funds raised are earmarked for additional Bitcoin acquisitions and general corporate purposes.
This offering, which includes 11.76 million shares of 10.00% Series A Perpetual Stride Preferred Stock, is priced at $85 per share and promises non-cumulative dividends of 10%. It's an attractive prospect for institutional investors seeking yield-generation.
Inspiring a Wave of Crypto Enthusiasm 🌊
Since Strategy, formerly known as MicroStrategy began its Bitcoin journey in August 2020 with the purchase of 21,454 BTC, its market capitalization has ballooned to $104.6 billion. This impressive leap from $1.2 billion has inspired other companies to follow suit.
Leading the charge is Metaplanet, often dubbed “Japan’s MicroStrategy,” which now ranks as the eighth-largest corporate holder of Bitcoin. Other notable copycats include France's The Blockchain Group and Norway's Norwegian Block Exchange, both of which have pivoted to Bitcoin accumulation with remarkable stock price surges.
The crypto tide is turning, buoyed by the likes of Strategy, as companies embrace Bitcoin as a key part of their financial strategies.
