Software company Strategy, formerly MicroStrategy, resumed its Bitcoin buying last week after taking a breather following a 12 week, $20 billion shopping spree.
The company, which trades on the Nasdaq under the ticker MSTR, said Monday that it had spent another $742.4 million buying 7,633 orange coins between February 3 and February 9.
Strategy had been so consistent buying BTC for 12 weeks straight that it drew some attention when, the last week of January, the company didn’t buy any of the world’s oldest and largest cryptocurrency by market capitalization.
“Last week, MicroStrategy did not sell any shares of class A common stock under its at-the-market equity offering program, and did not purchase any Bitcoin,” Saylor wrote on X at the time.
But after jumping back into action last week, the firm now holds 478,740 BTC. That’s a stash worth $46.5 billion at today’s price of $97,757, according to CoinGecko.
The Tysons, Virginia-based company last year announced a “21/21 Plan” to raise $42 billion to buy Bitcoin. The plan means the firm will raise $21 billion via equity, with another $21 billion coming by selling fixed income securities.
On average, the company has spent $65,033 per Bitcoin, a filing with the Securities and Exchange Commission shows.
Strategy last week rebranded as part of what it says was “a natural evolution” to become more Bitcoin-focused, according to its co-founder and chairman, Michael Saylor.
Under Saylor, the formerly sleepy software company started buying Bitcoin in August 2020 as a hedge against inflation.
Its stock has shot up over 2,200% since then as investors buy shares in the company to get exposure to Bitcoin, and the firm works mainly on securitizing the cryptocurrency.
Strategy is now a member of the the Nasdaq-100, an index of the top 100 non-financial companies on the Nasdaq stock market, alongside tech titans like Apple and Microsoft.
But as Strategy’s valuation rockets, some analysts have warned that the company’s bet on Bitcoin isn’t sustainable.
Circle’s dynamite IPO this week wasn’t just impressive by crypto standards—it outperformed expectations to a degree unrivaled even by America’s most prominent tech companies.
The evening before its Thursday trading debut on the New York Stock Exchange, Circle priced its stock, CRCL, at $31 a share. That represented a mark-up from the lower share prices the firm floated earlier in the week: $26, and then $28. Such last-minute moves are generally indicative of increased investor interest in a comp...
Public Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies.
This week: Gemini makes its own IPO move after Circle's explosive debut (and continued rise Friday), while Strategy boosts its Bitcoin buying power.
Twinsies!
Crypto exchange Gemini confirmed that it has filed to go public, within 24 hours of USDC issuer Circle making its euphoric debut on the New York Stock Exchange.
Rumors started making the rounds in February and March that Gemini, which has bee...
USDC issuer Circle, which made its whirlwind of a New York Stock Exchange debut yesterday, has already topped the high it set on Thursday.
Around 1pm ET on Friday, CRCL reached a high of $123.51—just 49 cents shy of fully quadrupling its IPO price. The stock is already trading 44% higher than its $83.23 close at a current price just shy of $120. It's a strong follow after the company tripled its $31 IPO price on its opening day.
As of this writing, the company has reached an intraday market cap...
