Software company Strategy, formerly MicroStrategy, resumed its Bitcoin buying last week after taking a breather following a 12 week, $20 billion shopping spree.
The company, which trades on the Nasdaq under the ticker MSTR, said Monday that it had spent another $742.4 million buying 7,633 orange coins between February 3 and February 9.
Strategy had been so consistent buying BTC for 12 weeks straight that it drew some attention when, the last week of January, the company didn’t buy any of the world’s oldest and largest cryptocurrency by market capitalization.
“Last week, MicroStrategy did not sell any shares of class A common stock under its at-the-market equity offering program, and did not purchase any Bitcoin,” Saylor wrote on X at the time.
But after jumping back into action last week, the firm now holds 478,740 BTC. That’s a stash worth $46.5 billion at today’s price of $97,757, according to CoinGecko.
The Tysons, Virginia-based company last year announced a “21/21 Plan” to raise $42 billion to buy Bitcoin. The plan means the firm will raise $21 billion via equity, with another $21 billion coming by selling fixed income securities.
On average, the company has spent $65,033 per Bitcoin, a filing with the Securities and Exchange Commission shows.
Strategy last week rebranded as part of what it says was “a natural evolution” to become more Bitcoin-focused, according to its co-founder and chairman, Michael Saylor.
Under Saylor, the formerly sleepy software company started buying Bitcoin in August 2020 as a hedge against inflation.
Its stock has shot up over 2,200% since then as investors buy shares in the company to get exposure to Bitcoin, and the firm works mainly on securitizing the cryptocurrency.
Strategy is now a member of the the Nasdaq-100, an index of the top 100 non-financial companies on the Nasdaq stock market, alongside tech titans like Apple and Microsoft.
But as Strategy’s valuation rockets, some analysts have warned that the company’s bet on Bitcoin isn’t sustainable.
Edited by Stacy Elliott
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