Strategy Nears 600K Bitcoin Milestone With Latest $26M Buy

Key Takeaways

• Strategy has added 245 BTC to its treasury, spending around $26 million.
• At about $101,000 per BTC, the total Bitcoin treasury is valued near $60 billion.
• Crypto stocks are down overall today, but MSTR has more than doubled its value over the last year.

Strategy has just added more Bitcoin to its massive digital treasury, spending roughly $26 million in the process.

This latest move pushes the company ever closer to the monumental 600,000 Bitcoin mark, cementing its status as the largest publicly traded Bitcoin holder.

Strategy Adds 245 Bitcoin to Treasury

Strategy has bolstered its digital asset reserves with the acquisition of an additional 245 BTC for approximately $26 million.

Following the purchase, Michael Saylor’s firm’s total Bitcoin holdings have grown to 592,345 BTC, reinforcing its position as the largest public company holding Bitcoin.

At current market prices of around $101,000 per coin, the value of Strategy’s Bitcoin treasury now approaches $60 billion. The company’s cumulative cost basis for its entire position averages $70,681 per BTC.

The acquisition was funded through capital raised under Strategy’s ongoing at-the-market equity offering tied to its STRK and STRF preferred share classes.

MSTR Stock Down In Line With Broader Negative Trend

Despite the bullish move, Strategy’s MSTR stock was trading down roughly 2.1% in pre-market activity. However, it wasn’t the only stock experiencing a negative trend on Monday.

In fact, the dip comes amid broader Bitcoin price pressure following geopolitical tensions over the weekend, but it may also be due to usual profit-taking activity by investors after crypto stocks recorded strong gains recently.

Coinbase (COIN) is down by 1.9% to $302.71 after running by 30% last week. Riot Platforms (RIOT) is decreasing by 2.3% to $9.32.

However, during the last 12 months, MSTR value has more than doubled, passing from $137.22 on June 24, 2024, to the current value of $361.01.