Strategy Doubles Down on Bitcoin, Purchases $2.46 Billion Worth of Cryptocurrency
Strategy,formerly known as MicroStrategy,continues to solidify its position as the world’s leading corporate investor in bitcoin,recently acquiring an additional $2.46 billion in the cryptocurrency over the past week, according to Bloomberg.
The latest acquisition represents the company’s third-largest bitcoin purchase by dollar amount as it began investing in the digital asset five years ago. Between July 28 and August 3, Strategy paid an average of $117,526 per token, marking the second-highest price the company has ever paid for bitcoin.
This substantial investment brings Strategy’s total bitcoin holdings to over $71 billion, firmly establishing it as the largest corporate holder of the cryptocurrency globally. The company, rebranded as “the world’s first Bitcoin Treasury Company,” has undergone a important transformation under the leadership of its founder, Michael Saylor.
Saylor initially founded MicroStrategy in 1989 as a data mining software company, and the buisness continues to operate and report record results. However, the value of Strategy’s bitcoin holdings now significantly outweighs its software business, exceeding the company’s annual revenue by more than 100 times.
To finance thes ongoing bitcoin purchases, Strategy has utilized a combination of new share sales and debt financing.While the company’s strategy has faced scrutiny from some investors, the overwhelmingly positive performance of its stock has largely overshadowed any criticism. Shares have surged more than 3,000% since the company’s initial foray into bitcoin in 2020, outpacing both the broader stock market and the gains of bitcoin itself.
The financial success of Strategy has also benefited Saylor personally. The MIT and Air Force scholarship graduate, who studied aeronautics and astronautics, currently ranks No. 430 on Forbes’ World’s Billionaires list, with an estimated net worth of $99 billion.
.
