Strategy expands Bitcoin holdings with $10.7m purchase

Michael Saylor’s Bitcoin corporate tycoon Strategy has acquired 130 $BTC for approximately $10.7 million.

Strategy, formerly known as MicroStrategy, is moving forward to push its Bitcoin ($BTC) bags to the 500,000 mark, purchasing 130 $BTC for $10.7 million.

In an X announcement on Monday, March 17, Strategy founder Michael Saylor revealed that the Virginia-based public company acquired 130 $BTC for nearly $83,000 per $BTC and has achieved $BTC Yield of 6.9% year-to-date.

With the latest purchase, Strategy now holds 499,226 $BTC, acquired for over $33 billion at an average price of around $66,360 per $BTC. Despite the announcement, Strategy’s $STRK shares dipped 1% in pre-market trading, according to Nasdaq data.

The purchase comes just a week after Strategy announced plans to raise additional capital to fund Bitcoin purchases despite the recent market downslide and macro uncertainty. As crypto.news reported earlier, the company plans to raise $21 billion through its class A strike preferred stock as the firm seeks to bolster its investment portfolio.

According to a filing with the U.S. Securities and Exchange Commission, Strategy will use proceeds from the sale to fund general corporate operations, which could include more Bitcoin buys.

Offering $STRK shares via an at-the-market sale sale adds to Strategy’s existing ATM equity program for the “21/21” roadmap, a plan to raise and invest $42 billion in $BTC championed by executive chairman Michael Saylor. On top of that, Strategy can also exercise a buyback option for the total unbought allocation if $STRK’s value declines 25% below its initial value at issuance.