Michael Saylor’s Strategy, the world’s largest public holder of Bitcoin (BTC), bought another 1,031 Bitcoin last week in a much smaller purchase than its previous two weekly buys, funding the acquisition with sales of Class A common stock.
Strategy acquired 1,031 Bitcoin for $76.6 million last week, according to an 8-K filing with the US Securities and Exchange Commission on Monday.
The purchases were made at an average price of $74,326 per coin, below the company’s overall average acquisition price of $75,694. Bitcoin averaged around $70,871 for the week of March 16-22, based on daily closing prices.
The new acquisitions bring Strategy’s holdings to 762,099 BTC, acquired for a total cost of roughly $57.69 billion, the company said.
Common stock funded the latest buy
Strategy’s relatively modest purchase follows larger Bitcoin acquisitions recently, including a 22,337 BTC buy reported last Monday and a 17,994 BTC buy a week earlier.
The 22,337 BTC ($1.6 billion) purchase ranks among Strategy’s largest on record and was largely funded through sales of its perpetual preferred equity, Stretch (STRC). The stock generated approximately $1.2 billion, accounting for about 75% of the total purchase.
Related: Strategy records biggest STRC issuance day with estimated 1,420 BTC buy
Unlike the prior week’s funding mix, the latest purchase appears to have been funded through sales of Strategy’s Class A common stock rather than preferred equity.
Strategy has bought 41,362 Bitcoin for around $2.93 billion in March. With Bitcoin trading at $70,430 at the time of writing, the company is down around 7% on its BTC holdings, now worth around $54 billion, according to data from CoinGecko.
Related: Strategy halts Bitcoin buying via STRC: Will BTC price dip again?
Strategy’s holdings are roughly 3% below the Bitcoin holdings of BlackRock’s iShares Bitcoin Trust ETF (IBIT), which held about 785,300 BTC on behalf of its clients after the close of trading on Friday.
US spot Bitcoin ETFs collectively held nearly 1.3 million BTC as of March 20, representing roughly 6.1% of the 21 million maximum Bitcoin supply, according to data from WalletPilot.
Magazine: Metaplanet’s Japan Bitcoin bet, Bithumb ordered suspension: Asia Express
