Strategy Company Buys $449.3 Million in Bitcoin
American company Strategy spent $449.3 million on buying bitcoins from August 26 to September 1. The average cost of a coin was $110,981.
Strategy reported that it now holds 636,505 bitcoins (3% of the total supply of the cryptocurrency). Since 2020, the former MicroStrategy has spent almost $46.95 billion at an average purchase price of $73,765 per 1 BTC.
The latest deal was financed through the issuance of all four classes of the company's preferred shares, as well as through the issuance of new MSTR common shares, according to documents filed with the U.S. Securities and Exchange Commission (SEC).
MicroStrategy was founded in the late 1980s as a developer of business analytics and enterprise data management software by MIT graduate Michael Saylor. Strategy focused on solutions for processing large amounts of information, which allowed it to gain a foothold in the enterprise software market.
In the 1990s, the company experienced a period of growth amid the digitalization of business and the introduction of information technology. By the early 2000s, Strategy entered the US stock market and began trading under the ticker MSTR on the NASDAQ exchange. However, growth in the enterprise software market slowed, and by the late 2010s, Strategy's business began to stagnate. On August 11, 2020, Strategy acquired BTC for the first time – for more than $250 million.
Earlier, Michael Saylor promised not to stop buying bitcoins and stated that only the one who accumulates the most of the first cryptocurrency will win the crypto market.
Source: cryptonews.net
