Michael Saylor’s company, Strategy, has made another big bitcoin buy, further cementing its rank as the largest corporate holder of the scarce digital asset.
The company, formerly MicroStrategy, bought 6,911 BTC for $584 million, pushing its bitcoin reserves to 506,137 BTC. This purchase was made between March 17 and 23 at an average price of $84,529 per bitcoin, according to a filing with the U.S. Securities and Exchange Commission (SEC).
Since 2020, Strategy has been relentlessly buying bitcoin under Michael Saylor’s leadership. The company’s bitcoin stash has been accumulated for around $33.7 billion. That’s an average cost of $66,608 per coin, including fees and expenses.
Saylor announced the purchase on X:
The company funded the latest purchase by selling 1.975 million shares of common stock, raising around $592 million. Strategy also just launched a preferred stock offering and has already raised $1.1 million from selling 13,100 shares.
This is the third time Strategy has used equity to fund a bitcoin purchase. By using the capital markets, the company can continue to add to its bitcoin reserves without using cash.
Strategy’s continued investment in bitcoin is a bet on it being a long-term store of value and a hedge against inflation. Saylor has said that bitcoin is “economic immortality”.
He has even set targets for bitcoin’s price, predicting it could reach $13 million by 2045, with a best-case scenario of $49 million per BTC. He thinks bitcoin’s total market cap could be $200 trillion and grow 20% per year.
Strategy’s bitcoin position has attracted a lot of attention from investors and institutions, with its stock, MSTR, going up with bitcoin, and sometimes even surpassing the asset’s gains.
Bitcoin is currently above $87,000 and institutional interest in it is growing. More companies and even some countries are considering bitcoin as a reserve asset.
Saylor has been meeting with US regulators including the Crypto Task Force at the SEC and the House Financial Services Committee. He also attended the White House Crypto Summit hosted by President Donald Trump and advocated for Bitcoin in national policy.
With over 2.3% of the total bitcoin supply in its pocket, Strategy is making waves in the Bitcoin space. Its aggressive approach is the benchmark for other companies that are considering bitcoin as a reserve asset.
Saylor said he believes the company’s portfolio “needs more orange.” Given Strategy’s history, it’s likely the company will continue buying bitcoin any chance it gets.
