Key Points
- Strategy, previously known as MicroStrategy, did not purchase any additional Bitcoin last week, maintaining its existing 478,740 BTC reserve.
- This is the second time in about 14 weeks that the firm has not acquired any Bitcoin.
Michael Saylor, the executive chairman of Strategy, recently stated that the firm did not acquire any new Bitcoin in the previous week. The company’s Bitcoin reserve remains at 478,740 BTC.
Strategy’s Bitcoin Investment
Strategy, formerly known as MicroStrategy, did not see any activity for its class A common stock offered through its at-the-market equity program from February 10 to February 14. The ATM program serves as the funding source for Strategy’s Bitcoin buying scheme, which involves selling shares to generate capital.
Since 2020, Saylor’s firm has invested $31.1 billion in Bitcoin. The majority of this investment was raised through the company’s equity program. With no new class A stock sold last week, Strategy’s Bitcoin reserve remains at 478,740, valued at over $46 billion when Bitcoin was trading below $97,000.
Strategy’s Bitcoin Purchases
This is only the second instance in approximately 14 weeks where Strategy has not purchased any Bitcoin. The first instance happened in early February under similar circumstances, with no new sales of Strategy shares.
Saylor announced last week that the firm had resumed its weekly Bitcoin purchases. According to filings with the U.S. Securities and Exchange Commission, Strategy spent $742 million buying additional Bitcoin at that time.
At the time of publishing, Strategy was the largest publicly traded holder of Bitcoin in the world. It was competing with Wall Street investors who have their money in spot Bitcoin exchange-traded funds. In fact, only BlackRock’s ETF, which has $57 billion in assets, exceeds Strategy’s holdings. Data from SoSoValue indicates that Saylor’s firm holds more Bitcoin than funds issued by Fidelity and Grayscale.