Michael Saylor’s Strategy, formerly known as MicroStrategy, has added 130 Bitcoin (BTC) to its growing cryptocurrency holdings. The company disclosed that it acquired these assets between March 10 and March 16, at an average purchase price of $82,981 per BTC, for a total expenditure of $10.7 million.
This latest acquisition increases Strategy’s total Bitcoin holdings to 499,226 BTC, reinforcing its position as one of the largest corporate Bitcoin holders.
Michael Saylor’s Strategy Boosts Bitcoin Holdings to 499K With New Buy
According to Strategy’s latest filing with the U.S. Securities and Exchange Commission (SEC), the company funded the Bitcoin acquisition through the sale of its Series A preferred stock. The firm sold 123,000 shares of its 8.00% Series A perpetual strike preferred stock (STRK Shares), generating approximately $10.7 million in net proceeds.
Strategy confirmed that no Class A common stock was sold during the same period. This approach is consistent with the company’s recent financing strategies, allowing it to expand its Bitcoin portfolio without affecting its primary stock structure.
With this latest acquisition, Strategy now holds 499,226 BTC, valued at more than $41.6 billion at current market prices. The company’s average purchase price across all acquisitions stands at $66,360 per BTC, inclusive of fees and expenses.
Michael Saylor, the co-founder and executive chairman of Strategy, remains a strong advocate for Bitcoin as a long-term investment. However, despite Saylor’s BTC move, critics believe that gold will ultimately outperform Bitcoin as a long-term store of value. Schiff warned Saylor that Bitcoin’s decline against gold signals an inherent weakness in its ability to preserve wealth over time.
Bitcoin Price Movement and Market Trends
Bitcoin’s market price has experienced fluctuations over the past few weeks. BTC dropped below $80,000 last week but has since shown signs of recovery. At the time of writing, Bitcoin is trading 0.5% higher on the daily chart and 1.1% higher over the past week. However, it remains down 15% over the past month.
Market analysts attribute this recent volatility to macroeconomic factors, including concerns about global trade policies and the potential impact of interest rate decisions by the U.S. Federal Reserve.
However, BTC whales appear to be leveraging market momentum to counter the short position, potentially driving Bitcoin’s price higher. This coordinated effort could intensify market volatility, fueling further speculation about insider influence
Strategy’s Stock Performance
Strategy’s stock has mirrored Bitcoin’s overall trend. The company’s shares closed Friday at around $297, reflecting a 13% increase. Over the past year, Strategy’s stock price has gained more than 100%, according to Yahoo Finance.
Despite this strong performance, Strategy’s stock showed a slight dip in pre-market trading. Investors remain watchful of Bitcoin’s price movement, as Strategy’s financial health is closely linked to the cryptocurrency market.
Nevertheless, BTC critic Peter Schiff recently explained why Bitcoin can hit $20,000 if the Nasdaq faces a sharp downturn. He argued that Bitcoin’s historical correlation with tech stocks suggests a deep Nasdaq correction could trigger a severe BTC sell-off.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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