Bitcoin treasury company Strategy has completed a new purchase of 593 BTC, the firm’s 100th overall acquisition since it started accumulating.
Strategy Has Added 592 BTC To Its Treasury
In a new post on X, Strategy co-founder and chairman Michael Saylor has announced the latest BTC acquisition made by the company. This buy, which cost the firm a total of $39.8 million, involved 592 tokens. In terms of scale, the acquisition isn’t anything impressive by Strategy’s standards, but it does mark an important milestone: it’s the 100th purchase completed by the firm.
Strategy first started accumulating Bitcoin back in 2020 and in that time, the company has made only one sale. The sale in question occurred back in December 2022, when BTC was trading at the lows of last cycle’s bear market. Besides this, the firm has shown strong conviction toward the cryptocurrency, with purchases only becoming more regular as time has gone on.
Following the 100th buy by Strategy, its total holdings have grown to 717,722 BTC, equivalent to nearly 3.6% of the entire BTC supply in circulation. The company spent a total of $54.56 billion on this stack, but today, it is only worth $46.48 billion, meaning that the firm is in a loss of nearly 15%.
Speaking of loss, Strategy has a reputation of buying at or near local tops in the asset. The same appears to have been the case this time as well, with the cryptocurrency currently down almost 4% from the new purchase’s cost basis of $67,286 per token.
According to the filing with the US Securities and Exchange Commission (SEC), Strategy made the latest acquisition between February 17th and 22nd, and funded it using sales from the firm’s MSTR at-the-market (ATM) stock offering program.
With each new purchase, Strategy is only solidifying its status as the number one Bitcoin treasury company in the world, as the table from BitcoinTreasuries.net shows.
The ten largest public holders of BTC | Source: BitcoinTreasuries.net
Strategy is also not only the largest holder of BTC, it’s the largest public digital asset treasury company in general. The spot for the second largest is held by Bitmine, a Bitcoin mining company that adopted an Ethereum treasury strategy last year.
Bitmine has also participated in Ethereum accumulation during the past week, as announced in a Monday press release. The firm has added 51,162 ETH to its treasury with this buying spree, taking the total reserve amount to 4,422,659 ETH, equivalent to 3.66% of the ETH circulating supply.
Out of this, the company has locked 3,040,483 ETH into the staking contract. Bitmine chairman Thomas “Tom” Lee said:
In the midst of this ‘mini crypto winter,’ our focus continues to be on methodically executing our treasury strategy and steadily acquiring ETH and in turn, optimizing the yield on our ETH holdings.
BTC Price
At the time of writing, Bitcoin is floating around $65,100, down more than 4% over the last seven days.
The price of the coin seems to have plunged over the past day | Source: BTCUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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