Michael Saylor’s strategy, the pioneering institutional Bitcoin holder and prominent American business intelligence company, has continued to solidify its position as the world’s largest Bitcoin holder. The company recently invested $1.92 billion to bolster its Bitcoin stash.
500k BTC and Counting
Strategy has been on a weekly BTC purchase spree. The publicly-traded company bought 22,048 Bitcoins at an average cost of $86,969 from March 4 through March 30.
The latest purchase comes just seven days after Strategy made jaw-dropping history as the first corporate firm to reach and exceed the 500k BTC milestone. This raises the company’s Bitcoin holdings to 528,185 BTC, approximately 2.5% of the 21 million Bitcoins that will ever be issued.
The business intelligence firm financed its latest stash with proceeds raised from its common shares in a market sales program and shares offering.
Impressive YTD BTC Yield
In 2020, Michael Saylor started acquiring Bitcoin with over $43.4 billion of his company’s funds as a vehicle to combat inflation. Year-to-date, the publicly-traded company has garnered a BTC yield of 11.0%.
Because Strategy believes in Bitcoin as the future of finance, it has gone all out to gather as much of the pioneer crypto as it can. Taking advantage of At-The-Market (ATM) offering as an available financial instrument to raise funds.
Despite bitcoin’s underlying volatility, corporate investors have continually displayed unweaving reliance on the king coin. In imitation of Strategy, Japanese publicly-traded company Metaplanet has also been on a near-weekly bitcoin purchase venture.
The Japanese firm recently injected $12.9 million into acquiring 150 additional BTC to its bitcoin reserve. The purchase brings its total holding up to 3,350 BTC, worth approximately $376.5 million.
Institutional investors have displayed unshaken trust in Bitcoin as a hedge against inflation. At the time of writing, the apex coin is looking brighter as it currently sits at a 3.2% surge to reach $83,654, with a total market cap of over $1.7 trillion.
