Strategy, the business owned by Michael Saylor, has strengthened its position as the largest public Bitcoin holder in the world by making another significant Bitcoin purchase.
According to a filing with the US Securities and Exchange Commission, the corporation purchased 22,337 Bitcoin last week for roughly $1.57 billion.
This represents one of Strategy’s largest Bitcoin purchases to date. Only a week has passed since the company paid $1.28 billion for almost 18,000 Bitcoin. The most recent purchase was done at an average price of $70,194 per Bitcoin, which is less than the average buying price for the company.
With this move, Strategy now holds 761,068 Bitcoin, acquired at a total cost of around $57.6 billion. The company continues to use innovative funding methods to support its buying strategy.
A large part of this latest purchase was funded by selling its preferred stock, known as Stretch (STRC), along with some common shares.
The company sold nearly 11.9 million STRC shares and raised about $1.18 billion, covering most of the purchase cost. It also sold common shares worth $396 million. Analysts noted that recent changes in how the company sells these shares helped boost its ability to raise funds quickly.
Looking ahead, Strategy appears focused on reaching the ambitious target of holding 1 million Bitcoin. To achieve this, the company would need to buy nearly 239,000 more Bitcoin, which means a steady pace of weekly purchases throughout the year.
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