Bitcoin price hit $122,290 on Sunday night right before Strategy, formerly known as MicroStrategy, announced the acquisition of 155 BTC worth $18 million, marking the fifth anniversary of its groundbreaking Bitcoin treasury strategy. The purchase, made at an average Bitcoin price of $116,401 per coin, brings the company’s total holdings to 628,946 BTC, representing approximately 3% of Bitcoin’s total supply.
According to an SEC filing on Monday, Strategy used proceeds from its STRF ATM (At-The-Market) offering and its previously completed initial public offering of Variable Rate Series A Perpetual Stretch Preferred Stock to fund the purchase. The company’s aggregate Bitcoin investment now stands at $46.1 billion, with an average purchase price of $73,288 per coin.
“If you don’t stop buying Bitcoin, you won’t stop making money,” Strategy’s Chairman Michael Saylor posted on X on Sunday, reflecting on the company’s journey since its first Bitcoin purchase on August 11, 2020, when it acquired 21,454 BTC for $250 million at roughly $11,400 per coin.
The latest acquisition, while modest compared to Strategy’s recent 21,021 BTC purchase in July, demonstrates the company’s unwavering commitment to its Bitcoin accumulation strategy. The purchase comes as corporate Bitcoin adoption continues to accelerate, with the number of public companies holding Bitcoin on their balance sheets reaching unprecedented levels.
Strategy’s consistent accumulation of Bitcoin, regardless of market conditions, has set a precedent for corporate treasury management. Their success has inspired a new wave of companies to consider Bitcoin as a treasury asset.
The company’s Bitcoin holdings have appreciated significantly since its initial investment, with Bitcoin’s price surging 960% from around $11,400 to approximately $120,000. This remarkable performance has validated Strategy’s controversial decision to convert its corporate treasury into Bitcoin five years ago.
Strategy maintains several ATM offering programs totalling over $40 billion, including offerings of common stock and various series of preferred stock. During the week ending August 10, the company sold 115,169 STRF shares, generating $13.6 million in net proceeds, which partially funded the latest Bitcoin purchase.
Looking ahead, Saylor remains bullish on Bitcoin’s long-term prospects. In late 2024, he pledged to continue buying Bitcoin regardless of price appreciation, and in June, he doubled down on his prediction that Bitcoin would reach $21 million within the next 21 years.
While this particular purchase may seem small compared to Strategy’s previous acquisitions, it symbolizes the company’s long-term commitment to Bitcoin. Their systematic approach to Bitcoin accumulation has created a blueprint for corporate treasury diversification.
The broader market has responded positively to Strategy’s continued Bitcoin purchases, with institutional interest in Bitcoin continuing to grow. Recent weeks have seen several major corporations announce Bitcoin treasury positions, including significant purchases by technology firms and financial institutions.
