Bitcoin treasury firm Strategy has acquired another 1,045 BTC for roughly $110.2 million, according to a June 9 filing with the U.S. Securities and Exchange Commission.
The average purchase price was $105,426 per Bitcoin (BTC). With this move, the company’s total Bitcoin holdings now stand at 582,000 BTC, worth over $62 billion at current market prices.
The acquisition, conducted between June 2 and June 8, was financed through proceeds from Strategy’s recent $1 billion preferred stock offering.
The company issued 11.76 million shares of its 10% Series A Perpetual Preferred Stock at $85 per share, aiming to raise capital for further Bitcoin purchases and general corporate expenses. Strategy expects to net $979 million after deducting underwriting and related costs.
Notably, co-founder Michael Saylor did not sell any company stock to fund the $110 million Bitcoin purchase; the entire amount was raised through at-the-market sales of Strategy’s STRK and STRF preferred stock offerings, according to the filing.
Consistent BTC accumulation
This marks Strategy’s ninth straight week of Bitcoin accumulation. Co-founder Michael Saylor hinted at the latest buy in a June 8 post on social media, ahead of the official filing. Bitcoin was trading at around $107,640 on Monday, close to its all-time high of $112,000 recorded in May.
The firm began its Bitcoin accumulation strategy in August 2020 with a $250 million investment and has since amassed 2.75% of all Bitcoin that will ever be mined. Strategy’s market cap has soared from $1.2 billion in 2020 to $104.6 billion today.
Its strategy aligns with a growing trend among public companies using Bitcoin as a strategic asset.
Interest from corporations in digital assets is increasing, with more and more public companies allocating Bitcoin to their balance sheets, according to a recent report from Binance.
Other similar moves come from companies like Japan’s Metaplanet and France’s The Blockchain Group, all of which have seen their stock prices surge after shifting to Bitcoin-centric treasury models.
