Strategy (formerly MicroStrategy) has identified another Bitcoin (BTC) whale amid simmering prices in the cryptocurrency market.
With the new purchase of 130 BTC, the company increases its total holdings to 499,226 BTC.
Strategy’s Latest Bitcoin Purchase
According to the new Form 8-K filed by Strategy with the U.S. Securities and Exchange Commission (SEC), the company acquired its latest batch of 130 BTC, valued at $10.7 million, between March 10 and 16. The acquisition represented an average price of $82,981 per BTC.
Instead of selling shares of its Class A common stock, Strategy raised the funds for the purchase by selling 123,000 STRK shares as part of its Series A Perpetual Strike preferred stock. This was the smallest BTC acquisition the company has made to date.
The latest purchase brings Strategy’s stash to approximately 499,226 BTC. To date, the company has already invested $33.13 billion in Bitcoin acquisitions, representing an average price of $66,360 per BTC.
Despite Bitcoin‘s stagnation around $83,500, Strategy’s unrealized gains on its Bitcoin bet still total over $4.38 billion. On the other hand, this figure is far from insignificant, as the company has no plans to sell its BTC haul anytime soon.
Meanwhile, Strategy’s Bitcoin return year-to-date is 6.9%, according to the company’s CEO, Michael Saylor.
Michael Saylor’s Vision for Bitcoin’s Future
Prior to the announcement, Saylor appeared in an interview on Fox News’ My View with Laura Trump. They discussed how Bitcoin began and what prompted Strategy to invest in Bitcoin.
According to Saylor, he first heard about Bitcoin in 2013 but immediately dismissed it as a “curio.” However, when his company faced an “existential crisis” in 2020, he faced a crucial decision: either reshape the company or continue to steer it toward a quick or slow death.
During this time, the analytics firm was impacted by looming uncertainty in global markets. Therefore, he had to take the risk of searching for a store of value, or the equivalent of digital gold, to save the company using the company’s existing balance sheet.
After assessing Bitcoin’s scarcity and infrastructure, he literally struck gold with BTC. He considered it a significant improvement over gold due to its 21 million hard cap, accessibility, security, and decentralization.
Furthermore, Saylor stated that Bitcoin was the ideal money for the digital age. Rather than viewing it as a speculative investment, he viewed it as a means of savings, free from centralized control, censorship, and incorruptible software. To him, it is a sovereign money in its own right.
Furthermore, the chairman of the strategy group emphasized that Bitcoin differs from other cryptocurrencies in that no one can copy it, and all attempts to do so have failed. Overall, he expressed the view that BTC is the “safest choice” due to its market dominance and transparency.
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