Strategic Bitcoin Acquisition

In a bold move that underscores its confidence in cryptocurrency, MicroStrategy Inc., now rebranded as Strategy, has announced the acquisition of 6,911 Bitcoin for approximately $584.1 million. This significant purchase was made between March 17 and March 23, as detailed in the company's recent SEC filing.

Investment Details

The company revealed that the Bitcoin was purchased at an average price of $84,529 per coin, inclusive of fees and expenses. Funding for this acquisition came from the sale of 1,975,000 of its shares, which generated net proceeds of $592.6 million.

Current Holdings and Market Reaction

With this latest purchase, Strategy and its subsidiaries now boast ownership of 506,137 Bitcoin, acquired at a total cost of around $33.7 billion, averaging $66,608 per Bitcoin. The announcement sparked a positive market reaction, with the company's shares climbing 4.81% in premarket trading to $304 each.