Michael Saylor’s Strategy Buys $34.9 Million of Bitcoin Using Common Stock

Michael Saylor’s Strategy Inc. purchased $39.4 million worth of Bitcoin this week, utilizing its common stock to finance the acquisition. This marks the third consecutive week the company has employed this strategy for Bitcoin purchases, deviating from earlier intentions to shift towards perpetual preferred shares. The company's filings with the U.S. Securities and Exchange Commission (SEC) on March 12, 2024, revealed the latest transaction. This move follows previous Bitcoin acquisitions funded by common stock sales, including $34.9 million in the prior week and $37.8 million the week before that. The total Bitcoin holdings of MicroStrategy, the parent company, now exceed 214,276 BTC, acquired at an average price of $35,158 per Bitcoin. The company's aggressive Bitcoin accumulation strategy, spearheaded by Michael Saylor, continues to rely on equity financing, underscoring its commitment to the cryptocurrency as a primary treasury reserve asset.