Strategy has expanded its Bitcoin portfolio by purchasing an additional 20,356 BTC for approximately $1.99 billion, further solidifying its position as the largest corporate Bitcoin holder.
Formerly known as MicroStrategy, the company led by Michael Saylor secured the latest acquisition at an average price of $97,514 per BTC. This brings Strategy’s total Bitcoin reserves to 499,096 BTC, acquired at a total cost of $33.1 billion, averaging $66,357 per coin, as Saylor revealed in a Feb. 24 post on X.
The purchase followed the firm’s successful $2 billion senior convertible note offering, which was announced earlier the same day.
These convertible notes, featuring a 0% coupon rate, will mature on March 1, 2030. Investors purchasing $1,000 worth of notes will have the option to convert them into 2.3072 shares of Strategy’s Class A common stock at $433.43 per share—a 35% premium over the stock’s current market value.
After accounting for fees and expenses, Strategy netted around $1.99 billion from the offering. According to the company’s statement, the funds will be used for general corporate purposes, including additional Bitcoin acquisitions and working capital.
$42B Capital Goal in Sight
This latest fundraising effort aligns with Strategy’s ambitious “21/21 Plan,” which aims to secure $42 billion over the next three years through a mix of equity and fixed-income securities, primarily to expand its Bitcoin holdings.
So far, the firm has already raised $20 billion of this target, with much of it coming from convertible notes and debt issuance.
$14.8B in Unrealized Bitcoin Profits
Despite reporting a $670 million net loss in Q4 2024, Strategy remains committed to its long-term Bitcoin investment strategy. Data from Saylortracker indicates that with nearly 500,000 BTC in reserves, the company holds an unrealized profit of approximately $14.8 billion.
Meanwhile, institutional interest in Strategy continues to grow.
As of late 2024, twelve North American states reported holding Strategy’s stock in their state pension funds or treasuries, totaling $330 million.
Following the firm’s rebranding on Feb. 5, BlackRock—the world’s largest asset manager—has also increased its stake in Strategy to 5%.
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