Strategy expands Bitcoin holdings with $10.7m purchase

Michael Saylor’s Bitcoin corporate tycoon Strategy has acquired 130 BTC for approximately $10.7 million.

Strategy, formerly known as MicroStrategy, is moving forward to push its Bitcoin (BTC) bags to the 500,000 mark, purchasing 130 BTC for $10.7 million.

In an X announcement on Monday, March 17, Strategy founder Michael Saylor revealed that the Virginia-based public company acquired 130 BTC for nearly $83,000 per BTC and has achieved BTC Yield of 6.9% year-to-date.

With the latest purchase, Strategy now holds 499,226 BTC, acquired for over $33 billion at an average price of around $66,360 per BTC. Despite the announcement, Strategy’s STRK shares dipped 1% in pre-market trading, according to Nasdaq data.

The purchase comes just a week after Strategy announced plans to raise additional capital to fund Bitcoin purchases despite the recent market downslide and macro uncertainty. As crypto.news reported earlier, the company plans to raise $21 billion through its class A strike preferred stock as the firm seeks to bolster its investment portfolio.

According to a filing with the U.S. Securities and Exchange Commission, Strategy will use proceeds from the sale to fund general corporate operations, which could include more Bitcoin buys.

Offering STRK shares via an at-the-market sale sale adds to Strategy’s existing ATM equity program for the “21/21” roadmap, a plan to raise and invest $42 billion in BTC championed by executive chairman Michael Saylor. On top of that, Strategy can also exercise a buyback option for the total unbought allocation if STRK’s value declines 25% below its initial value at issuance.