Michael Saylor’s Strategy acquires 430 Bitcoin, now owns 3% of Bitcoin in circulation

Key Takeaways

  • Strategy, led by Michael Saylor, now holds over 629,000 BTC, exceeding 3% of Bitcoin’s total supply.
  • The company acquired 430 new BTC for $51 million as Bitcoin recently reached a new all-time high price.

Strategy, the largest Bitcoin treasury company, acquired 430 Bitcoin for $51 million between August 11 and 17, bringing its total holdings to 629,376 BTC, valued at over $72 billion, the company announced on Monday.

The purchases were made at an average price of $119,666 per Bitcoin during a period when the digital asset reached a new all-time high of $124,279 before retreating to $117,000 following hotter-than-expected PPI data.

Strategy funded its latest Bitcoin purchases with proceeds from sales of its STRK, STRF, and STRD preferred stock. The firm sold 179,687 STRK shares, 162,670 STRF shares, and 140,789 STRD shares last week, according to a new SEC filing.

Strategy also announced an update to its guidance on the proceeds from its common stock ATM program. The company said it will issue MSTR shares tactically when mNAV falls below 2.5x. Proceeds may be used to pay debt interest, fund preferred dividends, or for other corporate purposes.

The company, led by Michael Saylor, now controls more than 3% of the total Bitcoin supply. Saylor previously indicated that the company could hold up to 7% of the world’s Bitcoin but dismissed concerns about market dominance, stating that the company has no intention of owning the entire supply.

According to BitcoinTreasuries.net, MARA Holdings ranks as the second-largest corporate holder of Bitcoin, followed by Twenty One (XXI), Bitcoin Standard Treasury Company, and Bullish.

Public companies currently hold approximately 977,000 Bitcoin, while spot Bitcoin ETFs possess over 1 million Bitcoin.

Source: https://cryptobriefing.com/bitcoin-treasury-strategy-saylor/