Bitcoin: Strategy Bolsters Its Position with 20,356 More BTC

Strategy is once again making headlines with a new bitcoin acquisition. With this latest operation, the company surpasses 499,000 BTC. This strengthens its position among the leading bitcoin holders in the world!

Strategy buys 20,356 bitcoins for $1.99 billion

Between February 18 and 23, Strategy added 20,356 BTC to its portfolio, bringing the total to nearly 500,000 bitcoins. This represents over 2.3% of the global supply. At an average price of $97,514 per bitcoin, this acquisition demonstrates the company’s ambitious strategy to strengthen its position in the digital asset market.

The total cost of the acquisition amounts to $33.1 billion, according to Executive Chairman Michael Saylor.

The recent acquisitions of bitcoins follow a $2 billion convertible bond issuance that was recently closed. This operation thus allows Strategy to finance its BTC acquisition strategy, despite a mixed performance outlook for its core business in 2024.

Strategy’s reserves approach nearly 500,000 BTC

With a total of 499,096 BTC, the company is nearing the symbolic threshold of 500,000 bitcoins. Despite volatility in the bitcoin market, Strategy’s accumulation strategy seems indeed well-defined.

Some Wall Street analysts consider this strategy rational despite the risks. Other institutional investors like BlackRock and CalSTRS continue to support Strategy by increasing their stakes in the company. The latter also benefits from strong capitalization, although Strategy’s stock has recently dropped. According to data, it closed at $299.69.

With nearly 500,000 bitcoins in its reserves, MicroStrategy continues to bolster its position in the cryptocurrency market, while Metaplanet aims to reach 10,000 BTC by 2025. This bold (if risky!) strategy could well define a new era of institutional investments in bitcoin.