Strategy Acquires 6,556 Bitcoin for $555.8 Million

Strategy acquired 6,556 Bitcoin for $555.8 million, raising its total to 538,200 coins valued at over $47 billion. The firm’s significant investment model continues to enhance its position in the cryptocurrency market, bolstered by Bitcoin’s increased value and low counterparty risks emphasized by Chairman Michael Saylor. Additionally, Metaplanet has joined the ranks of leading corporate Bitcoin holders.

Strategy has significantly bolstered its Bitcoin portfolio by acquiring 6,556 Bitcoin at an expense of $555.8 million. This purchase elevates the company’s total Bitcoin holdings to 538,200 units, valued at over $47 billion. As a response to this acquisition, Bitcoin’s market capitalisation now stands at an impressive $1.73 trillion, further enriching Strategy’s investment profile.

The purchase, disclosed via a regulatory Form 8-K filing, reflects an average acquisition cost of $84,785 per Bitcoin. This move is part of Strategy’s ongoing strategy of increasing its Bitcoin reserves, with previous transactions earlier this year involving the acquisition of 6,911 Bitcoin for $584.1 million, coinciding with a Bitcoin price of $87,000.

With this latest transaction, Strategy’s cumulative investment in Bitcoin has escalated to approximately $36.47 billion, resulting in an average purchase price of roughly $67,766 for each Bitcoin. Recent data reveals that Bitcoin has seen a price surge to $87,319.30, representing a 3.47% increase in just 24 hours.

This aggressive investment model is strategic, driven by historical trends suggesting Bitcoin’s resilience compared to traditional cash or gold reserves. Michael Saylor, the Chairman of Strategy, supports this notion, asserting that Bitcoin is a more reliable store of value, devoid of counterparty risks associated with other financial instruments.

Saylor maintains that Bitcoin’s independence from external influences positions it as a secure asset amidst economic volatility. The company’s recent listing of its perpetual stock, Strife (STRF), on Nasdaq is intended to facilitate further large-scale Bitcoin acquisitions.

Furthermore, other firms such as Metaplanet have also increased their Bitcoin holdings, acquiring 319 Bitcoin to rank among the top public holders globally, showcasing a wider trend in corporate cryptocurrency adoption.

Disclaimer: The information provided serves as a basis for understanding Bitcoin investments and should not be construed as financial advice. It is recommended to seek professional guidance and verify details prior to making investments.

Benjamin Godfrey is a blockchain journalist dedicated to advancing knowledge around blockchain’s real-world applications and cryptocurrency education.