In brief

  • Strategy—formerly MicroStrategy—has bought more Bitcoin.
  • The Bitcoin treasury company spent $1.34 billion to add to its stack.
  • Strategy (NASDAQ: MSTR) now holds 568,840 BTC.

It's Monday in crypto, so you know what that means: Bitcoin treasury firm Strategy has announced another big buy. 

Michael Saylor's Strategy—formerly MicroStrategy—added 13,390 BTC to its balance sheet from May 5 to May 11, spending over $1.34 billion on the digital asset, according to a filing Monday with the Securities and Exchange Commission. 

The purchase brings its total holdings to 568,840 BTC—or $59 billion worth of the asset. 

Nasdaq-traded MSTR said that it has now spent a total of $39.41 billion on buying Bitcoin, with each coin priced on average at $69,287. 

Strategy—which used to focus on selling data-analyzing software—is the largest corporate holder of Bitcoin. 

It first started buying the asset in 2020, gradually adding to its holdings and last year fast-accelerating its buys. 

The company's co-founder and chairman Michael Saylor came up with the idea of buying BTC during the COVID-19 pandemic as a way to get shareholders the best value for their money. As the U.S. Federal Reserve unleashed trillions to stimulate a halted economy, Saylor argued that Bitcoin was a superior asset and inflation hedge, and that other companies should buy it to preserve capital. 

Tysons, Virginia-based Strategy now works to securitize Bitcoin: the idea is investors can buy shares in a company that trade on the stock exchange to get regulated exposure to the cryptocurrency.  

BitcoinBTC · USD
$81,207+5%
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Smaller companies on the Nasdaq and elsewhere have emulated the Strategy's business plan, including Metaplanet and Semler Scientific

Bitcoin was recently trading for $104,110, according to CoinGecko data, after jumping by nearly 11% over a seven-day period. Over 24 hours, BTC has largely traded flat. 

The cryptocurrency hit a new all-time high of $108,786 in January and is now just 4% short of that record. 

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