Bitcoin Treasury Giant Strategy MSTR Crosses the 500k BTC Milestone

In a regulatory filing on Monday, the firm revealed it had added 6,911 BTC to its reserves between March 17 and March 23.

Bitcoin treasury giant Strategy MSTR, formerly known as MicroStrategy, has officially crossed a key milestone by amassing over half a million BTC/USD as part of its ongoing accumulation strategy.

What Happened: In a regulatory filing on Monday, the firm disclosed that it had added 6,911 BTC to its reserves between March 17 and March 23.

This purchase, which totaled $584.1 million, was executed at an average price of $84,529 per Bitcoin.

With this latest buy, Strategy now holds 506,137 BTC — which equates to approximately $44 billion in current market value. This figure represents nearly 2.4% of Bitcoin’s capped 21 million supply, positioning the company as one of the largest corporate holders of the digital asset.

"As of March 23, 2024, the company's average purchase price for all of its bitcoin acquisitions is $66,608, and the company has paid approximately $33.7 billion, including transaction costs, for bitcoin," the filing stated.

This bitcoin haul is being funded in part by Strategy's aggressive capital-raising campaigns. Last week, the firm boosted its 10% Series A Perpetual STRIFE Preferred Stock (STRF) issuance from an initial $500 million to $722.5 million.

Moreover, Strategy is progressing with plans to raise up to $21 billion through its Series STRK perpetual preferred stock program, which was announced earlier this month. As of March 23, nearly $21 billion in STRK shares remain unissued.

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Why It Matters: These moves are part of Strategy's broader "21/21 plan," which aims to raise $42 billion across various equity and debt offerings to fund additional Bitcoin purchases.

Strategy has been consistently ramping up its Bitcoin treasury, including a separate buy of 130 BTC earlier this month for $10.7 million at a lower price point.

While some investors have expressed concern over the firm's valuation in comparison to its Bitcoin holdings, Strategy's market cap has swelled to $79.2 billion — a sum that is considerably larger than the value of its BTC treasury.

On the stock market, Strategy's shares closed Friday at $304, showing a slight increase. The shares saw additional gains in Monday's pre-market trading.