Total value Bitcoin Michael Saylor’s strategy holds over $73 billion as crypto finance companies recovered their purchases of digital assets at an all-time highest price.
Former Microstrategy Inc. bought 4,225 bitcoin tokens for $472 million for $111,827, according to a filing with the Securities and Exchange Commission on Monday.
The purchase is the latest in a series of nearly weekly acquisitions of cryptocurrencies, increasing the Virginia-based company’s Tysons Corner to approximately $73 billion in holdings in digital assets, or about 2.8% of all 21 million tokens to be minted. Strategy is the largest company owner of Bitcoin, with a market capitalization of over $12.1 billion.
Recent strategies have been linked to the sale of common stock and through its plans in the market to sell preferred stocks in three different products to fund its Bitcoin purchases. The company raised $472 million from selling the products last week, most of which are used for Bitcoin shipping. Stock-like products can be traded forever and generate dividends.
Saylor’s company will report earnings next month, which will result in billions of dollars in quarterly profits due to a rebound in Bitcoin prices and related accounting changes related to evaluating its massive holdings of cryptocurrencies. According to data compiled by Bloomberg, the company has spent $7.24 billion in bitcoin this quarter on 13 separate purchases.
Since Saylor started buying Bitcoin in mid-2020, the strategy’s stock has soared more than 3,300% to fight inflation. During the same period, Bitcoin rose more than 1,000%, while the S&P 500’s growth increased by 115%. The initial cryptocurrency hit an all-time high of $123,000 ahead of Monday’s post-cut earnings. As of 10:11 a.m. in New York, it is now trading at $121,696.
