Strategy buys 20,356 Bitcoin for almost $2B; holdings approach 500K BTC

     

Michael Saylor’s Strategy has acquired 20,356 BTC for $1.99 billion at $97,514 per coin following a $2 billion note offering as part of its “21/21 Plan.”

Strategy said it acquired an additional $2 billion worth of Bitcoin, increasing the world’s largest corporate Bitcoin holder’s total to almost 500,000 BTC.

Michael Saylor’s Strategy, formerly known as MicroStrategy, acquired 20,356 Bitcoin for $1.99 billion at an average price of $97,514 per token.

This increased the firm’s total Bitcoin holdings to over 499,096 BTC acquired for $33.1 billion at an average price of $66,357 per BTC, Michael Saylor wrote in a Feb. 24 X post.

The acquisition came after Strategy raised another $2 billion in a senior convertible note offering to purchase more Bitcoin, the firm announced earlier on Feb. 24.

The notes featured a 0% coupon and mature on March 1, 2030. Each $1,000 block of notes is convertible to 2.3072 shares of Strategy’s Class A common stock at $433.43 per share — a 35% premium over the current market price.

The note sale resulted in about $1.99 billion worth of net proceeds for the company after deducting fees and estimated expenses, according to the firm’s announcement, which added:

“Strategy intends to use the net proceeds from this offering for general corporate purposes, including the acquisition of Bitcoin and for working capital.”

The $2 billion note offering was part of Strategy’s “21/21 Plan,” targeting $42 billion in capital over the next three years, split between equity and fixed-income securities to buy more Bitcoin .

Strategy said it has already raised $20 billion of that $42 billion, fueling its Bitcoin buying spree largely through senior convertible notes and debt.

Strategy nears 500,000 BTC with $14.8 billion unrealized profit

Despite sustaining a $670 million net loss in the fourth quarter of 2024, Strategy is set to continue its long-term Bitcoin acquisition plan.

As the firm nears 500,000 in Bitcoin holdings, Strategy has an unrealized profit of more than $14.8 billion on its total Bitcoin holdings, data from Saylortracker shows.

More institutions are showing an interest in Strategy.

Twelve states in North America have reported holding Strategy stock in their state pension funds or treasuries as of the end of 2024, totaling $330 million, reported on Feb. 17.

Following MicroStrategy’s rebrand to Strategy on Feb. 5, BlackRock, the world’s largest asset manager, increased its stake in Strategy to 5%.