Michael Saylor’s Strategy Buys $2.46 Billion Bitcoin With STRC Proceeds

Strategy, previously known as Strategy, has announced its largest Bitcoin purchase this year, following the completion of its STRC IPO. The IPO also stands as the largest this year, underscoring the massive demand among institutional investors looking to gain exposure to BTC in any way.

Strategy Acquires 21,021 Bitcoin For $2.46 Billion

In a press release, the company announced that it utilized net proceeds from its STRC IPO to acquire 21,021 BTC  for $2.46 billion and at an average price of $117,256 per Bitcoin. This brings its total holdings to 628,791 BTC, which it acquired for $46.8 billion and at an average purchase price of $73,227 per Bitcoin.

Strategy has also achieved a BTC yield of 25.0% year-to-date (YTD). This development comes just a day after the company revealed that it didn’t buy any Bitcoin last week between July 21 and 27.

This purchase marks the company’s largest this year, ahead of the $1.92 billion and $1.34 billion purchases it made in March and May, respectively. It also further solidifies its position as the largest public Bitcoin treasury.

As CoinGape reported, the company had announced from the get-go that it would use the net proceeds from the STRC IPO to acquire more Bitcoin for its treasury. Strategy revealed that the gross proceeds from the offering were approximately $2.521 billion.

However, the net proceeds amounted to approximately $2.474 billion, after deducting the underwriting discounts and commissions and the company’s estimated offering expenses.

Boluwatife Adeyemi

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