According to the Form 8-K filed with the U.S. Securities and Exchange Commission (SEC) on Monday, Strategy (formerly MicroStrategy) spent approximately $1.28 billion from March 2 to 8 to buy an additional 17,994 bitcoins at an average price of $70,946 per coin.
Michael Saylor, co-founder and Executive Chairman of Strategy, stated that the company currently holds a total of 738,731 bitcoins, worth about $50 billion. Since initiating its Bitcoin holdings in 2020, Strategy has invested a total of around $56 billion, with an average cost basis of $75,862 per bitcoin.
So far, Strategy’s unrealized loss (paper loss) on its Bitcoin holdings is about $6 billion, representing approximately 3.4% of the total supply of 21 million bitcoins.
The funds for this Bitcoin purchase mainly came from the sale of common stock MSTR and perpetual preferred stock Stretch (STRC). Last week alone, Strategy sold about 632,000 shares of MSTR, raising $899.5 million; it also raised $377.1 million through the sale of STRC.
The company’s four perpetual preferred stocks—STRK, STRC, STRF, and STRD—have issuance sizes of $21 billion, $4.2 billion, $2.1 billion, and $4.2 billion, respectively. These are part of Strategy’s “42/42” fundraising plan, aiming to raise $84 billion by 2027 through issuing stocks and convertible bonds to purchase more Bitcoin.
Despite holding what is arguably the largest Bitcoin reserve in the world, Strategy’s stock price has recently shown signs of fatigue. According to Bitcoin Treasuries data, although 193 publicly listed companies worldwide have adopted Bitcoin reserve strategies, their market values and net asset values (mNAV) have recently contracted significantly.
For example, Strategy’s stock price has plummeted 71% from its peak last summer, and its current mNAV is approximately 0.99.
Losing $12.6 billion? No problem! Strategy: Bitcoin needs to drop to “this price” and stay flat for 5 years before it’s a real crisis.
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