Strategy makes second-smallest Bitcoin purchase since November
Formerly known as MicroStrategy, Michael Saylor's company has become one of the largest holders of Bitcoin among public firms.
Strategy bought $26 million of Bitcoin over the past seven days, the second-smallest weekly acquisition announced by the Michael Saylor-led digital-asset treasury company since he ramped up its cryptocurrency purchases more than six months ago.
The company, formerly known as MicroStrategy Inc., acquired 245 Bitcoin from June 16 to June 22 at an average price of $105,856 each, according to filing with the U.S. Securities and Exchange Commission on Monday. While Strategy has skipped buying some weeks, it was the smallest amount bought since it purchased 130 tokens during the period ending March 17. The Tysons Corner, Virginia-based company owns about $60 billion worth of Bitcoin.
This is also the fourth-straight week Strategy has funded its Bitcoin purchases without selling any common stock. Skeptics of Saylor’s strategy such as short-seller Jim Chanos have raised concern about the large premium the common stock commands over the value of its token holdings.
The latest purchases were made with the net proceeds from the sale of the company’s Strike preferred stock (STRK) and Strife preferred stock (STRF). Saylor is a cofounder and executive chairman of Strategy.
Strategy’s shares have surged over 3,000% since the enterprise software maker began buying Bitcoin in the middle of 2020. Bitcoin has gained around 1,000% during the same period. The stock was little changed Monday at around $368.35.
This story was originally featured on Fortune.com
