MicroStrategy, led by Michael Saylor, announced today, Monday, that it has acquired an additional 130 Bitcoins, in a move that confirms its commitment to increasing its holdings of the digital currency despite market volatility.
The purchase of 130 Bitcoins raises holdings to 499,226 units
Strategy, formerly known as MicroStrategy, disclosed its acquisition of 130 Bitcoins worth $10.7 million, at an average price of $83,000 each. According to what Michael Saylor announced via platform X on Monday, the company’s total Bitcoin holdings have risen to 499,226, with a market value exceeding $33 billion and an average purchase price of $66,360 per Bitcoin.
Strategy’s stock declines despite increased Bitcoin investments
Despite this new acquisition, STRK, the stock of Strategy, saw a decline of 1% in pre-market trading, according to Nasdaq data. This drop comes amid investor fears over market volatility, even though Strategy has achieved a return of 6.9% on Bitcoin since the beginning of the year.
New funding strategy to enhance Bitcoin portfolio
Strategy continues its ambitious plans to enhance its Bitcoin investments, as the company recently announced the offering of class “A” preferred shares to raise $21 billion, aimed at financing additional purchases of the digital currency. According to reports from crypto.news, this move is part of its strategy to combat market volatility and strengthen its position in the digital assets sector.
According to a report submitted to the U.S. Securities and Exchange Commission (SEC), Strategy intends to use the financial proceeds to support its operational activities, along with enhancing its Bitcoin holdings. This is part of its investment plan “21/21,” which aims to invest $42 billion in digital assets, as part of Michael Saylor’s vision to strengthen Bitcoin’s dominance in financial markets.
As Michael Saylor continues to push Strategy towards more Bitcoin investments, investors are watching to see if the company will be able to achieve its ambitious goal of reaching 500,000 Bitcoins and whether this will impact its stock performance in the near future.
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