Strategy Firm Acquires 8,178 BTC Amid Market Fluctuations
Strategy Firm's Substantial Bitcoin Acquisition
In a noteworthy move, the investment firm led by Michael Saylor has added 8,178 Bitcoin to its holdings. This acquisition, totaling $835.6 million, translates to an average purchase price of $102,171 per Bitcoin.
The purchase was primarily financed through the firm's latest preferred stock offering, which successfully raised approximately $715 million from European investors earlier this month. Additionally, the company secured $131.4 million from another preferred series, according to a recent filing.
With this acquisition, the firm's total Bitcoin holdings now stand at 649,870 BTC, purchased for $48.37 billion, averaging $74,433 per Bitcoin.
Despite recent incremental acquisitions, this significant purchase comes at a time when the firm's stock price has declined by about 56% over the past four months, limiting the feasibility of large common share offerings.
As of early Monday, the firm's enterprise value is closely aligned with the value of its Bitcoin holdings, making any common stock issuance potentially dilutive to current shareholders.
Meanwhile, Bitcoin's market price was recorded at $94,500 on Monday, slightly lower than its Friday level.