TL;DR:
- Strategy acquired 24,869 BTC for $2.01 billion between May 11 and 17, at an average price of $80,985 per unit.
- Sales of STRC perpetual preferred shares funded 97% of the purchase, generating approximately $1.95 billion in net proceeds.
- With 843,738 BTC accumulated for roughly $63.87 billion, Strategy surpasses BlackRock as the largest public holder of Bitcoin.
Strategy filed a Form 8-K with the U.S. Securities and Exchange Commission, revealing the acquisition of 24,869 Bitcoins between May 11 and 17. The total transaction amounted to approximately $2.01 billion at an average price of $80,985 per unit, raising the company’s cost basis to $75,700 per BTC.
With this addition, the firm co-founded by Michael Saylor holds a total of 843,738 BTC acquired for approximately $63.87 billion. At the time the form was published, that block of assets was valued at around $65.3 billion according to CoinGecko data, implying an unrealized gain of approximately $1.43 billion over total cost.
STRC Is Central to the Accumulation Strategy
The financing structure of this purchase sets it apart within the firm’s acquisition history. 97% of the capital used came from the sale of STRC perpetual preferred shares: approximately 19.5 million shares that generated close to $1.95 billion in net proceeds. Class A common shares, traded under the symbol MSTR, contributed a marginal fraction: $83.7 million from the sale of 430,344 shares.
This mechanism mirrors the approach applied in previous large-volume purchases, including the acquisition of 34,164 BTC recorded weeks earlier — the third largest in the company’s history — which also relied primarily on preferred debt instruments rather than common equity.
Is Strategy’s Plan Becoming More Flexible?
With 843,738 BTC in its portfolio, Strategy comfortably surpasses BlackRock, the world’s largest asset manager, which administers around 817,000 BTC on behalf of its clients. The gap between the two companies widens with each new purchase.
Just days ago, Michael Saylor reportedly hinted that the company could eventually sell Bitcoin positions, arguing that a rigid “never sell” stance could, over the long term, work against the very asset the firm aims to accumulate and preserve.
