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- Strategy bought 24,869 BTC for $2.01B, lifting total holdings to 843,738 BTC again.
- Strategy funded its latest Bitcoin purchase through proceeds from MSTR and STRC offerings.
- Saylor hinted at the purchase as Bitcoin fell below $77,000 amid wider market pressure.
Strategy purchased 24,869 Bitcoin worth nearly $2.01 billion from May 11 to May 17, according to its Form 8-K filed on May 18. The purchase expanded its treasury during a weaker market period and lifted its total Bitcoin holdings to 843,738 BTC.
The company paid an average price of $80,985 per Bitcoin, including fees and expenses. Strategy has now spent about $63.87 billion on its Bitcoin position, at an average price of $75,700 per coin.
Strategy Uses Share Sales to Fund Bitcoin Purchase
The holdings account for over 4% of Bitcoin’s capped supply of 21 million. The reserve is still relatively small, which keeps Strategy one of the most watched corporate Bitcoin holders in the market.
The acquisition came from money raised in its at-the-market offering program, Strategy said. It sold 430,344 MSTR shares and netted $83.7 million in proceeds from the sale during the same period.
The company also sold 19,519,801 STRC preferred shares. As of May 17, Strategy had $17.51 billion remaining in the STRC program, while those sales brought in $1.949 billion in net proceeds.
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The filing also indicated that there was $26.27 billion still available in the MSTR program. Those numbers reflected the funding capacity under both programs.
Saylor Reaffirms Strategy’s Long-Term Bitcoin Plan
Michael Saylor appeared to hint at the purchase before the filing. He shared Strategy’s Bitcoin tracker with the hashtag of “Big dot energy” on X. This phrase attracted attention as it had been used in posts preceding purchase notices.
The newest acquisition came after a discussion about Strategy’s future plans to sell Bitcoin. As mentioned earlier, Saylor stated that the firm might sell some BTC while continuing to be a long-term net buyer.
Saylor said that if the company sold one Bitcoin, it would aim to buy 10 to 20 more. This was Strategy’s statement, but it is subject to future market access.
Bitcoin was under pressure during the purchase. Bitcoin has dropped below $77,000, and over $1 billion of weekly spot Bitcoin ETF outflows were reported on May 18, according to market data.
The same report also reported over $661 million worth of liquidation in crypto. The strategy is also subject to funding issues after agreeing to buy back approximately $1.50 billion worth of its 2029 convertible notes.
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