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Business intelligence company Strategy<\/a> has purchased an additional $584 million worth of bitcoin, increasing its total holdings to over half a million BTC.<\/p>\n Strategy acquired 6,911 bitcoin<\/a> between March 17-23 at an average price of $84,529 per coin. This brings the company\u2019s bitcoin reserves to 506,137 BTC purchased at a cost of $33.7 billion.<\/p>\n Strategy has been aggressively accumulating bitcoin since 2020 under the direction of CEO Michael Saylor. The company views bitcoin as a long-term store of value to hedge against inflation and global uncertainty. With its laser focus on bitcoin, Strategy <\/a>has become a leading corporate example of allocating treasury reserves to vitcoin. Other public companies, like Metaplanet<\/a> and Semler Scientific, have followed a similar game plan on a smaller scale.<\/p>\n By staking its future on bitcoin\u2019s network effects and adoption as \u2018digital gold\u2019, Strategy aims to maximize long-term shareholder value. The company\u2019s stock price has skyrocketed since its first BTC purchase.<\/p>\n With bitcoin gaining credibility among institutions, companies, and even nations, Strategy remains confident in its bitcoin-centric strategy. This latest acquisition shows the company putting its money where its mouth is during the asset\u2019s ongoing maturation.<\/p>\n<\/p><\/div>\n<\/div>\n
Funds for this latest bitcoin purchase came from Strategy\u2019s sale of 1.975 million shares of common stock, raising approximately $592 million and the STRK ATM.<\/p>\n