Strategy spent another $2 billion to buy Bitcoin! The total number of coins held exceeded 499,000

Public company Strategy (formerly known as MicroStrategy) once again made a big increase in Bitcoin! The company recently filed with the Securities and Exchange Commission (SEC) and showed that from February 18 to 23, it purchased 20,356 bitcoins at an average price of $97,514 per coin, with a total investment of $1.99 billion.

Strategy's Bitcoin holdings exceeded 499,000

As of now, Strategy has over 499,096 Bitcoins held by a total of more than US$47 billion. Michael Saylor, co-founder and executive chairman, said that the average cost of Bitcoin held by Strategy is $66,357 per coin, with a total cost of about $33.1 billion (including handling fees, etc.). This means that Strategy currently holds 2.3% of the total Bitcoin supply.

In order to support this Bitcoin purchase, Strategy announced the issuance of $2 billion in zero-interest convertible bonds last week. It is worth noting that the company has not raised funds through the issuance of Class A common stock.

Strategy has recently undergone a rebranding, renamed "Strategy", highlighting its Bitcoin-centric investment strategy. The company also released its fourth-quarter 2024 financial report, showing that Bitcoin holdings nearly doubled month-on-month, but operating costs increased significantly, resulting in a net loss expanding to $670 million.

Nevertheless, Wall Street analysts are generally optimistic about Strategy. Canaccord Genuity analyst Joseph Vafi pointed out that although Strategy's coin buying strategy poses certain risks, its coin buying pace has become more stable and strategic.

Keefe, Bruyette & Woods Investment Bank believes that Strategy is expected to be included in the S&P 500 index. The company adopted the latest FASB accounting standards last month, which will help increase its likelihood of inclusion in the index.

In addition, institutional investors continue to increase their holdings in Strategy stocks. BlackRock has increased its stake in Strategy from 4.09% to 5% according to the latest 13G filing to the SEC; CalSTRS also filed for holding $83 million worth of Strategy stock, indicating that institutional investors' interest in Strategy continues to heat up in the fourth quarter.

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