Authored by Helen Partz via CoinTelegraph.com,
Michael Saylor’s Strategy, the world’s largest public Bitcoin holder, made another massive BTC acquisition last week as the crypto asset hovered around $80,000.
Strategy acquired 24,869 Bitcoin (BTC) for $2.01 billion between May 11 and 17,accordingMonday's 8-K filing with the US Securities and Exchange Commission.
The purchases were made at anaverage price of $80,985 per BTC,raising Strategy’s cost basis to $75,700.
The company now holds 843,738 BTC, acquired for about $63.87 billion. At the time of publication, the holdings were valued at roughly $65.3 billion,accordingto CoinGecko.
Strategy funded nearly all of its latest Bitcoin purchase through sales of its STRC perpetual preferred stock, which accounted for about 97% of total proceeds.
According to the SEC filing, Strategy raised roughly $1.95 billion from the sale of about 19.5 million STRC shares.
In comparison, Strategy’s Class A common stock (MSTR) contributed a smaller share of funding, generating about $83.7 million in net proceeds from the sale of 430,344 shares.
The outcome was broadly in line with expectations from STRC Live, whichreportedheavy STRC activity during the week, including a record trading day of 15.1 million shares, with estimated purchases of around 15,466 BTC.
The structure mirrors previous large bitcoin buys this year, including a34,164 BTC purchase, Strategy’s third-largest on record, which was also largely financed through preferred securities rather than common equity.
Source: ZeroHedge News
