The Bitcoin investment strategy implemented by Michael Saylor has resulted in the acquisition of 130 BTC for about $10.7 million.
The company, previously known as MicroStrategy, is on track to expand its Bitcoin holdings to 500,000, having recently purchased 130 BTC at a price of $10.7 million.
In an announcement on March 17, the founder disclosed that the Virginia-based public enterprise secured 130 BTC at nearly $83,000 each, achieving a year-to-date BTC yield of 6.9%.
Following this acquisition, the company now holds a total of 499,226 BTC, purchased for over $33 billion at an average price of around $66,360 each. Despite this news, the STRK shares saw a slight dip of 1% in pre-market trading, as noted by Nasdaq.
This purchase comes just one week after the company revealed its intentions to raise additional capital to facilitate further Bitcoin acquisitions, despite the ongoing market challenges and macroeconomic concerns. Recent reports highlighted plans to gather $21 billion through its class A strike preferred stock in order to strengthen its investment strategy.
As stated in a filing with the U.S. Securities and Exchange Commission, the funds raised will support general corporate activities, which may include additional Bitcoin purchases.
The initiative to offer STRK shares via an at-the-market sale supplements the existing ATM equity program for the “21/21” roadmap, a strategy aimed at raising and investing $42 billion in Bitcoin, endorsed by executive chairman Michael Saylor. Additionally, the company retains an option for a buyback of unpurchased allocations if the value of STRK falls by 25% below its original issuance price.