Strategy Splashes $168M on Latest BTC Purchase

The business intelligence and Bitcoin treasury firm, Strategy, is taking no breaks from acquiring bitcoin (BTC) despite the crypto market’s bearish condition. The latest announcement from the company’s executive chairman, Michael Saylor, has revealed that Strategy just topped its stash with a purchase worth more than $168 million.

According to the Form 8-K report filed with the U.S. Securities and Exchange Commission, Strategy spent $168.4 million to buy 2,486 BTC. The acquisition came at approximately $67,710 per BTC.

As of February 16, Strategy held 717,131 BTC, valued at $48.78 billion at current market prices. The Bitcoin treasury giant spent roughly $54.52 billion to acquire the assets at $76,027 per BTC. Due to bitcoin’s ongoing descent, the stash has accrued at least $5.8 billion in unrealized losses.

Strategy Continues Weekly BTC Purchases

Notably, Strategy’s latest purchase comes as a surprise because the firm announced last week that it would execute its bitcoin acquisitions quarterly. Although the announcement suggested a shift from weekly to quarterly purchases, it also underscored Strategy’s long-term commitment, despite market fluctuations.

As the case may be, the company has continued its weekly purchase trend, using proceeds from its MSTR and STRC stock options. Strategy sold $90.5 million in MSTR shares and $78.4 million in STRC stock. All the proceeds went toward BTC acquisitions. Last week, the firm spent $90 million for additional BTC, and two weeks before that, $264.1 million.

So far this year, Strategy has recorded seven purchase events, spending a total of $5.577 billion. The largest purchase occurred in mid-January, which was 22,305 BTC for approximately $2.13 billion.

Withstanding an 88% BTC Crash

Strategy’s continued purchases despite market conditions have raised concerns about the company’s ability to stay afloat in the event of deeper price corrections. However, the firm insists that it has no intention of selling its holdings; in fact, the company has structured regular purchases to maintain continued exposure.

Earlier this week, Saylor said Strategy will be unfazed by even an 88% BTC crash because the firm has a plan to withstand the downturn. The company intends to equitize its convertible debt over the next three to six years to avoid issuing additional senior debt. This plan will ensure the entity has sufficient assets to cover its debt and withstand any major drawdown.

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