Michael Saylor-led Strategy (MSTR), the largest publicly traded company holding Bitcoin (BTC), yet again topped up its sizable BTC reserves by acquiring 6,220 Bitcoins for a total of $739.8 million last week as the company continued its unwavering quest for BTC accumulation.
Strategy Boosts Its Stack To 607,770 BTC
Strategy has added more Bitcoin to its stack.
The Virginia-based company bought the coins for $118,940 per BTC between July 14 and 20, its Monday filing with the US Securities and Exchange Commission (SEC) shows.
This addition brings Strategy’s total Bitcoin holdings to 607,770 BTC purchased for $43.61 billion, or an average price of $70,982 each. With Bitcoin trading at $118,890 at publication time, Strategy’s stash is worth roughly $72.2 billion. The maiden crypto hit a new historic high of $122,838 on July 14 before retreating to an intraweek low of $116,000 and hovering near $119,000.
The company is up about 64.85% on its Bitcoin investment, accounting for over $28.2 billion in unrealized gains, according to the SaylorTracker.
On Sunday, as is customary, Saylor published an infographic about Strategy accumulating Bitcoin. Each purchase was marked with an orange dot on it, orange being the color associated with BTC. He hinted at a new Bitcoin purchase with just four words: “Stay Humble. Stack Sats.”
Strategy funded last week’s BTC buys with proceeds from the company’s sale of $736.4 million of common stock. The Bitcoin treasury firm also raised an additional $4 million in capital from modest sales of its three preferred issuances — STRK, STRF, and STRD.
The company’s bid to snap up more Bitcoin forms part of a wider embrace of BTC as a treasury reserve asset. Over 250 public and private companies, government bodies, and other entities currently hold Bitcoin, according to data from Bitcoin Treasuries.
These Bitcoin treasury companies, led by Strategy, continue to be one of the main drivers of Bitcoin demand in the current bull cycle, alongside spot exchange-traded funds inflows (ETFs) and major legislative overhaul of cryptocurrency regulations in the US.
