Michael Saylor’s Strategy, the largest corporate holder of Bitcoin, on Monday said it has purchased 6,220 BTC for $739.8 million. With the latest purchase, the company has increased its bitcoin holdings to 607,770 BTC. Meanwhile, MSTR stock price rebounds 2% in premarket trading hours.
Michael Saylor’s Strategy Expands Bitcoin Holdings to 607,770 BTC
Strategy purchased an additional 6,220 BTC at $118,940 per Bitcoin between July 14-20, according to an official announcement on July 21. The bitcoin purchases were made using proceeds from the MSTR Class A shares, STRK, STRF, and STRD shares at-the-market (ATM) offerings.
Chairman Michael Saylor took to X to reach out to shareholders and the wider crypto community about the latest Bitcoin purchase worth $739.8 million. He revealed that the company has achieved the BTC Yield of 20.8% year-to-date.
With the latest Bitcoin purchase, Strategy boosted its Bitcoin stash to 607,770 BTC, acquired for $43.610 billion at an average price of $71,756 per Bitcoin.
Last week, Michael Saylor’s Strategy announced a purchase of 4,225 BTC for $472.5 million at an average price of 111,827 per Bitcoin. The firm’s market cap also hit a high of $128.52 billion, largely fueled by Bitcoin’s latest price surge.
As per Saylor tracker, Michael Saylor’s Strategy has nearly $28.3 billion in unrealized gains. The company’s holdings are valued at $71.93 billion as compared to its total investment of $43.62 billion. The company is the largest corporate Bitcoin holder, continuing its position as one of the most successful Bitcoin buyers.
MSTR Stock Rebounds
At the time of writing, MSTR stock jumped nearly 2%, with the price trading near $431.95. The stock closed 6.23% lower at $423.22 on Friday. As per Yahoo Finance, the stock rallied 15% in a month and 46% year-to-date.
Investment bank TD Cowen earlier revised its price target on Strategy (MSTR) stock from $590 to $680, maintaining a buy rating on the stock.
Meanwhile, Bitcoin price continues to move mostly sideways amid demand for altcoins such as Ethereum, Solana, and XRP. The 24-hour low and high were $116,550 and $119,671, respectively. Furthermore, the trading volume increased by 40% in the last 24 hours, indicating interest among traders.
Also Read: India-Based Jetking Announces Stock Issuance to Buy More Bitcoin
