Bitcoin treasury company Strategy (formerly MicroStrategy) acquired an additional 20,356 BTC for approximately $1.99 billion at an average price of $97,514 per bitcoin between Feb. 18 and Feb. 23, according to an 8-K filing with the Securities and Exchange Commission on Monday.
The company now holds 499,096 BTC, worth over $47 billion. Strategy’s total holdings were bought at an average price of $66,357 per bitcoin, a total cost of around $33.1 billion, including fees and expenses, according to the company's co-founder and executive chairman, Michael Saylor. To put that in perspective, Strategy holds more than 2.3% of bitcoin’s total 21 million supply.
The latest bitcoin acquisitions follow the completion of Strategy's latest $2 billion zero-coupon convertible note offering, announced earlier earlier on Monday, which also granted initial purchasers the option to buy up to $300 million in additional notes. The company did not sell any additional shares in the period.
Strategy did not purchase any bitcoin the week prior. However, it did flag profitability risks in its annual report on Tuesday, particularly if there is a significant decrease in the market value of its bitcoin holdings as its enterprise analytics software business did not generate positive cash flow in 2024. The firm also warned it may be exposed to greater tax liabilities than anticipated, confirming unrealized fair value gains on its bitcoin could be subject to taxation.
Strategy rebranded from MicroStrategy earlier this month with its new logo including a stylized “₿” symbol and orange coloring. The company has acquired over $20 billion worth of bitcoin over the past few months alone, pausing its prior 12-week buying streak amid its Q4 earnings release earlier this month before resuming its bitcoin acquisitions again on Feb. 3.
Though declining in recent weeks, Strategy’s $77.4 billion market cap still trades at a significant premium to its bitcoin net asset value, with some investors airing reservations about the firm's premium to NAV valuation and its equity and debt-funded bitcoin acquisition program in general.
However, Wall Street analysts remain bullish on the firm as its bitcoin reserves approach 500,000 BTC. “While some may see the company’s acquisition strategy as risky, we see an emerging and rational cadence to acquisition activity here,” Canaccord Genuity’s Joseph Vafi wrote in a note on Feb. 7.
Investment banking firm Keefe, Bruyette & Woods also suggested Strategy’s addition to the S&P 500 index “could be on the horizon” after the company adopted the Financial Accounting Standards Board’s (FASB) updated accounting standard last month.
Meanwhile, asset management giant BlackRock increased its stake in Strategy from 4.09% to 5%, according to a recent 13G filing with the Securities and Exchange Commission. The California State Teachers Retirement System (CalSTRS) has also declared holding $83 million worth of Strategy’s MSTR shares as institutional interest in the firm continued to grow in Q4.
Strategy shares closed down 7.5% at $299.69 on Friday, having gained more than 338% over the past year, according to TradingView. MSTR is currently up 1% in pre-market trading.
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