Strategy Resumes Bitcoin Treasury Buys With $330M Purchase

Strategy said on Monday that it bought 4,871 BTC for $330 million last week, growing its Bitcoin treasury using proceeds that primarily came from its flagship preferred share.

The Tysons Corner, Virginia-based firm announced that it now owns nearly 767,000 Bitcoin, a sum valued around $53.3 billion. The company added Bitcoin to its industry-leading treasury at $67,700 apiece—below where the digital asset stood on Monday.

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The company’s latest acquisition was made with proceeds that overwhelmingly came from Strategy’s variable-rate preferred share, STRC. The Bitcoin-buying firm issued $227 million worth of the dividend-paying product compared to the $72 million worth of common shares last week.

The Bitcoin-buying firm didn’t disclose an acquisition the week prior, snapping a 13-week streak of purchases in which the company accumulated 90,831 BTC. In a tweet Sunday, co-founder and Executive Chairman Michael Saylor signaled that the firm was ready to resume its BTC purchases, writing, “Back to Work.”

The stretch was bolstered by massive proceeds that came from STRC. Over the course of last month, for example, Strategy raised more than $1.5 billion via the dividend-paying product.

When the preferred share trades above a par value of $100, Strategy has signaled that it will issue more STRC to keep the product’s price in line. Last week, the dividend-paying product met that threshold for four straight trading days.

In a financial update, Strategy also said on Monday that the value of its Bitcoin holdings fell by $14.46 billion in the first quarter of this year. Although the figure doesn’t include the company’s operating costs, it outweighed the firm’s $12.4 billion loss in the fourth quarter of last year.

On Monday, Strategy’s Bitcoin holdings were $4.9 billion underwater. Since the company began purchasing Bitcoin in 2020, the company has paid an average of $75,600 per Bitcoin.

Prior to Monday’s opening bell, Strategy shares were set to fall 2.4% to around $199, according to Yahoo Finance. Despite the company’s latest spate of Bitcoin buys, shares have slid 21% on the year and 65% over the past six months from $359.

Meanwhile, Bitcoin jumped to $69,480, a 4.1% increase over the past day, according to CoinGecko data.  The move thrust Bitcoin in positive territory on the week, yet the digital asset remained 44% below an all-time high of $126,000 last year.

On Myriad, a prediction market owned by Decrypt's parent company Dastan, traders penciled in a 13% chance that Strategy sells Bitcoin this year. That marked a decrease compared to the 17% chance that traders foresaw of that happening a month ago.