On Monday, June 10, 2024, Strategy, formerly MicroStrategy, announced another Bitcoin acquisition, bringing its total holdings to approximately 582,000 Bitcoin, worth $62.7 billion.
The company acquired 1,045 Bitcoin between June 2 and June 8, spending roughly $110 million at the time of purchase, as revealed in a Securities and Exchange Commission filing (Source: Securities and Exchange Commission filing, June 10, 2024).
This latest purchase marks Strategy's fourth-smallest Bitcoin acquisition this year, following a $75 million buy last week (Source: CoinGecko, June 10, 2024). Bitcoin was recently trading at $107,300, up about 1.5% over the past 24 hours.
Strategy has been consistently purchasing Bitcoin for nine consecutive weeks, investing around $5.1 billion since mid-April (Source: CoinGecko, June 10, 2024). The company also raised $112 million by issuing preferred stock, with $66.4 million from Perpetual Strife Preferred Stock (STRF) and $45.8 million from Perpetual Strike Preferred Stock (STRK).
Strategy's stock price increased by 2% during pre-market trading on Monday, reaching $382 per share, although shares have decreased by 2.9% over the past month (Source: Yahoo Finance, June 10, 2024). The company's co-founder, Michael Saylor, emphasized the firm's strong performance compared to other assets.
The firm's actions come amid the growing adoption of Bitcoin and market volatility. Two hundred twenty-six entities, including public companies, have established Bitcoin treasuries, a 10% increase in the past month (Source: bitcointreasuries.net, June 10, 2024). Bitcoin's market value has fluctuated, trading between $101,000 and $108,000 in the past week.