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Strategy Now Holds 568,840 BTC Following Latest Big Buy

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Publicly traded mobile software company Strategy has completed its latest Bitcoin acquisition, bringing its total BTC stash to 568,840 BTC, which the firm purchased using approximately $39.41 billion. The public company spent nearly $1.34 billion to buy 13,390 BTC. Strategy’s Bitcoin-hungry move has reflected in its common stock’s pre-market price.

Bitcoin-Buying Policy Never Gets Old

Strategy has committed to a steady BTC acquisition practice nearly every week throughout this year. The company spreads these purchases across various days of the week. Finally, the firm announces the total purchase for the week around 8 AM ET on Mondays. A Form 8-K filing detailing these big buys is also filed with the U.S. Securities and Exchange Commission (SEC).

This week’s Form 8-K filing reveals that Strategy raised the cash for the latest acquisition from selling MSTR and its perpetual strike preferred stock, STRK. It raised $1.31 billion from MSTR and $25.1 million from STRK to fund its latest Bitcoin acquisition.

Shortly after the BTC acquisition news, MSTR saw a pre-market price uptrend of $7. At press time, it trades above $416 during business hours.

Since August 2020, Strategy (formerly MicroStrategy) has committed to frequent Bitcoin acquisitions as part of its reserve. This made it the first public company in the United States to follow such a path. Since then, other firms within the country and beyond have followed its path.

Semler Scientific, a California-based health tech company, is one of the companies that joined the bandwagon in the country. Last week, the firm boosted its BTC holdings to 3,634 BTC.

Earlier today, the Japanese investment company Metaplanet announced the completion of a 1,241 BTC acquisition. This brought its total BTC stash to 6,798 BTC worth over $706 million.

Bitcoin on a Rampage

Strategy’s latest BTC acquisition coincided with bitcoin’s recent price uptrend. On May 5th, the leading cryptocurrency reclaimed the $100,000 price mark. Since then, it has attained higher price levels.

At press time, the apex crypto exchange hands with $104,000.

The post Strategy Now Holds 568,840 BTC Following Latest Big Buy appeared first on Cointab.

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