According to the Form 8-K filed with the U.S. Securities and Exchange Commission (SEC) on Monday, Bitcoin enterprise investor Strategy has once again entered the market to buy. From February 23 to March 1, the company invested approximately $204.1 million to purchase 3,015 bitcoins at an average price of $67,700 each.
Strategy co-founder and Executive Chairman Michael Saylor stated that after this additional purchase, the company’s Bitcoin holdings reached 720,737 coins. Considering the maximum supply of 21 million bitcoins, Strategy now owns over 3.4% of the entire network.
However, a review of the books shows that the average cost basis for Strategy’s large holdings is about $75,985 per bitcoin, with a total investment of $54.8 billion. Currently, the holdings are worth around $47.5 billion, resulting in an unrealized loss of approximately $7.3 billion. Despite this, Strategy’s buying spree shows no signs of slowing down.
The funds used for this purchase mainly came from the company’s issuance of shares through a “market offering” mechanism, selling common shares (ticker: MSTR) and perpetual preferred stock Stretch (ticker: STRC).
In last week’s trading, Strategy sold 1,730,563 shares of MSTR, raising about $229.9 million. The company stated that as of March 1, there was still a $7.6 billion capacity for issuing MSTR shares. Additionally, Strategy sold 71,590 shares of STRC, earning approximately $7.1 million, with a remaining issuance capacity of $3.5 billion.
Last week, Wall Street analyst Mark Palmer from Benchmark Securities noted that STRC has become the “main engine” for Strategy’s accumulated Bitcoin holdings. He emphasized that this financial instrument effectively accelerates the increase in Strategy’s “implied Bitcoin per share.”
Palmer reaffirmed his “buy” rating on Strategy and set a target price of $705, implying a potential upside of up to 444%.
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