Strategy, the software firm that reinvented itself as a Bitcoin treasury company, bought another $43 million worth of the cryptocurrency this week. The purchase brings its total hoard to 818,869 BTC — roughly 3.9% of Bitcoin's eventual 21 million supply. Shares of the company jumped 4.3% in pre-market trading after the announcement.
Another $43M added to the stack
The company disclosed the acquisition in a filing Tuesday morning. It didn't specify the average price paid, but at current market rates the buy is in line with the company's pattern of regular, periodic purchases. Strategy now holds more Bitcoin than any other publicly traded company, and its position is worth tens of billions at today's prices.
The purchase was funded through the company's at-the-market equity offering program, which allows it to sell shares to raise cash for Bitcoin buys. That program has been a key part of its strategy since it started accumulating the asset back in 2020.
MSTR stock jumps
Investors liked what they saw. MSTR shares rose 4.3% in pre-market trading following the news, extending a rally that has seen the stock roughly track Bitcoin's price movements this year. The company's market cap now sits at a premium to its Bitcoin holdings, a spread that has narrowed in recent months as the crypto market matured.
The pre-market move suggests traders expect more of the same: steady accumulation, steady price appreciation. Whether that holds depends on Bitcoin's own trajectory, but for now the strategy — small capital raises followed by lump-sum buys — continues to work.
818,869 BTC and counting
The 818,869 BTC figure puts Strategy in a league of its own. No other corporate treasury comes close. The company's average acquisition price, including fees, is around $35,000 per coin, meaning the entire position is deep in profit. That's given management the confidence to keep adding even as Bitcoin trades well above that level.
Founder Michael Saylor, who stepped down as CEO but remains chairman, has been the public face of the strategy. He's said repeatedly that the company's goal is to accumulate as much Bitcoin as possible and hold it indefinitely. Tuesday's filing confirms that approach hasn't changed.
The company has not signaled when its next purchase might come. But with its ATM program still active and Bitcoin volatility providing opportunities, the market expects the pace to continue. Strategy's next earnings call, expected in early June, will be the next chance for investors to hear directly from management about the plan.
