Bitcoin treasury company Strategy (formerly MicroStrategy) acquired an additional 22,048 BTC for approximately $1.92 billion at an average price of $86,969 per bitcoin between March 24 and March 30, according to an 8-K filing with the Securities and Exchange Commission on Monday.
Strategy now holds a total of 528,185 BTC — worth over $43 billion — bought at an average price of $67,458 per bitcoin for a total cost of around $35.63 billion, including fees and expenses, according to the company's co-founder and executive chairman, Michael Saylor. That's the equivalent of more than 2.5% of bitcoin's total 21 million supply.
The latest acquisitions were made using proceeds from the sale of its class A common stock, MSTR, and perpetual strike preferred stock, STRK. Last week, Strategy sold 3,645,528 MSTR shares for approximately 1.2 billion. As of March 30, $2.37 billion worth of MSTR shares remain available for issuance and sale under that program, the firm said. Strategy also sold 213,807 STRK shares for approximately $18.52 million last week, with approximately $20.97 billion worth of STRK shares remaining available for issuance and sale under that program.
Strategy's STRK and STRF perpetual preferred stocks are in addition to the firm's initial "21/21 plan," which targets a total capital raise of $42 billion in equity offerings and fixed-income securities for bitcoin acquisitions.
Strategy previously acquired an additional 6,911 BTC for approximately $584.1 million in cash at an average price of $84,529 per bitcoin between March 17 and March 23 — taking its total holdings past the 500,000 BTC milestone.
On Tuesday, video game retailer GameStop, which was at the center of the 2021 WallStreetBets meme stock frenzy, became the latest public company to embark on a Michael Saylor-esque corporate bitcoin acquisition strategy, joining the growing list of firms adding or planning to add the cryptocurrency to their balance sheets. GameStop subsequently announced a proposed $1.3 billion private offering of convertible senior notes to begin its new bitcoin acquisition plan.
Strategy's $75.4 billion market cap trades at a significant premium to its bitcoin net asset value, with some investors airing reservations about the firm's premium to NAV valuation and its increasingly numerous bitcoin acquisition programs in general.
However, analysts at research and brokerage firm Bernstein argue that with debt under 13% and no payments due until 2028, the firm's leverage remains manageable. Last week, the same analysts predicted that Strategy's bitcoin holdings could more than double to over 1 million BTC as the foremost cryptocurrency rises toward their estimated $1 million by the end of 2033.
Strategy's class A common stock, MSTR, closed down 10.8% on Friday at $289.41 as hotter inflation data and President Trump's latest tariff announcements again rocked markets ahead of "Liberation Day" later this week. MSTR is currently down 3.5% in pre-market trading on Monday, per TradingView.
Following a substantial gain of more than 568% for MSTR in 2024, the shine has come off the once favored bitcoin proxy trade, now down 3.6% year-to-date, according to The Block's Strategy price page.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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