Strategy purchased 950 Bitcoin for approximately $75.7 million between September 14 and September 20, 2024, increasing its total holdings to 846,000 BTC.
The acquisition was funded by existing U.S. dollar cash reserves. As of September 20, Strategy reported $1.05 billion in USD cash reserves, with broader USD reserves totaling $5.04 billion. The average price for this purchase was $79,670 per Bitcoin, inclusive of fees. This is Strategy’s first Bitcoin purchase in nearly three weeks.
With this addition, Strategy’s total Bitcoin holdings now represent over 4% of Bitcoin’s 21 million coin supply cap. The company’s total cost basis for its 846,000 BTC is approximately $63.8 billion, with an average acquisition price of around $75,416 per coin. Bitcoin was trading near $85,000 at the time of purchase. Strategy holds unrealized gains of approximately $8.1 billion on its total holdings, which are valued between $71.9 and $72 billion.
Michael Saylor, a figure at Strategy, alluded to the purchase on X with the post “A little more orange.” The company, which rebranded from MicroStrategy to Strategy to better reflect its Bitcoin-centric mission, has been accumulating Bitcoin since 2020.
Strategy’s recent purchase occurred during a period when other publicly traded firms also increased their Bitcoin reserves. Collectively, these firms accumulated a net 2,254 BTC during the past week, with Strategy’s 950 BTC accounting for roughly 42% of this total. The broader stablecoin market also saw an increase, with total supply rising by $56.29 million over the same stretch.
In parallel with its Bitcoin acquisition, Strategy repurchased approximately 1.77 million shares of its preferred stock for around $174 million. The company also allocated $57.4 million towards preferred dividends and debt interest payments during the same period.
The fact that Strategy paid an average of $79,670 per coin, below the prevailing market price near $85,000, suggests the company may have been opportunistic about timing its entries during the week. Strategy’s continued accumulation of Bitcoin underscores its ongoing corporate treasury strategy and contributes to the broader trend of institutional adoption of digital assets.
Why This Matters
The materials describe a narrow update: Strategy purchased 950 Bitcoin between September 14 and September 20, 2024, for about $75. The exact date of Michael Saylor’s post on X is not specified.
Broader Context
Source materials place the factual news in this context: Strategy, the company formerly known as MicroStrategy, purchased 950 Bitcoin between September 14 and September 20 for approximately $75.7 million.
