Michael Saylor’s Strategy Surpasses 600k BTC Milestone, MSTR Stock Up

Strategy, previously MicroStrategy, has announced another Bitcoin purchase, just one week after the company halted its BTC acquisition plans. With its latest purchase, the company becomes the first public company to own over 600,000 BTC. Meanwhile, the MSTR stock is up from its closing price of $434 last week.

Strategy Announces Another Bitcoin Purchase

In a press release, the company announced that it acquired 4,225 BTC for $472.5 million at an average price of $111,827 per bitcoin, achieving a BTC yield of 20.2% year-to-date (YTD). The company now holds 601,550 BTC, which it acquired for $42.87 billion at an average price of $71,268 per bitcoin. The 601,550 BTC represents 2.86% of Bitcoin’s total supply.

The SEC filing shows that Strategy mainly used its sale of common shares to fund this Bitcoin buy. The company raised $330.9 million from the sale of MSTR shares and $71.1 million, $55.3 million, and $15 million from the sale of STRK, STRF, and STRD securities, respectively.

This follows Michael Saylor’s statement yesterday, which hinted at another Bitcoin purchase. Saylor had posted a graph of Strategy’s BTC acquisitions, with the caption, “Some weeks you don’t just HODL.”

This indicated that the company had purchased Bitcoin again. In the previous week, Saylor had stated, “Some weeks you just need to HODL,” which turned out to be a signal that they didn’t buy BTC that week.

As CoinGape reported last week,  Strategy halted its Bitcoin purchase between June 30 and July 6 after twelve consecutive weeks of buying the flagship crypto. With the company back to buying BTC again, this could kickstart another run of consecutive weekly purchases.

The company already announced a $4.2 billion STRD offering as part of its at-the-market (ATM) program. It plans to use the net proceeds from the stock offering to buy more Bitcoin.

MSTR Stock Rises Over 3%

Meanwhile, the MicroStrategy stock is up amid the announcement of this latest Bitcoin purchase. TradingView data shows that the MSTR stock price is currently trading at around $443, up over 2% in premarket trading.

The Strategy stock has risen alongside the Bitcoin price, which surged to new all-time highs (ATH), breaking above $123,000 for the first time ever. Both assets are correlated, given the company’s exposure to BTC.

Meanwhile, it is worth noting that Saylor’s company is currently the third-largest Bitcoin holder, only behind Satoshi Nakamoto and BlackRock. Satoshi holds 1.1 million BTC while the world’s largest asset manager holds 714,118 BTC.