Massive Purchase: $1.92 Billion for 22,048 Bitcoin
Strategy, the business intelligence company formerly known as MicroStrategy, continues its relentless bitcoin acquisition spree. According to a March 31 SEC filing, the company purchased 22,048 bitcoin for $1.92 billion last week, at an average price of approximately $86,969 per bitcoin. This brings Strategy's total bitcoin holdings to 528,185 BTC, acquired for a cumulative $35.63 billion.
At bitcoin's current price of around $82,000, Strategy's holdings are now valued at over $43 billion, representing an unrealized gain of over $7 billion. Founder Michael Saylor remains aggressively accumulating, demonstrating strong conviction in the digital asset.
Funding and Cost Dynamics: Equity Issuance Fuels Stacking
The latest purchase was primarily funded through the issuance of $1.2 billion in new MSTR common shares. By buying bitcoin with equity financing, Strategy converts corporate treasury from dollars into hard assets. The company has pioneered using its balance sheet as a leveraged play on bitcoin's rise, effectively borrowing cheap capital to acquire bitcoin and waiting for appreciation.
Notably, Strategy's average purchase price per bitcoin has steadily increased to $67,458, indicating Saylor's willingness to pay premium prices to keep stacking sats. However, the gap between the average entry price and bitcoin's market price has narrowed significantly during this prolonged cool-off period. If prices continue to drift lower, Strategy may soon be buying BTC below its cost basis, a situation the company has not faced since 2022.
Long-Term Bullish: Ultimate Hedge Against Inflation
Despite the narrowing margin, Strategy remains ultra-bullish on bitcoin over the long term. The company expects to benefit from bitcoin's appreciation over decades as fiat currencies are devalued by inflation. Michael Saylor has repeatedly stated that bitcoin is the perfect store of value and a hedge against central bank money printing. Strategy's strategy is simple: accumulate bitcoin consistently, hold it as a core asset, and wait for time to prove its value.