Strategy, the world’s largest corporate holder of Bitcoin reserves, announced on March 16 a significant acquisition of 22,337 Bitcoins between March 9 and March 15. The total expenditure for this purchase amounted to approximately $1.57 billion, with an average acquisition price of around $70,194 per Bitcoin. This marks Strategy’s largest single-week Bitcoin acquisition this year, further solidifying its position as a leading “Bitcoin reserve company.”
According to Strategy’s official announcement, as of March 15, 2024, the company’s total Bitcoin holdings have reached an impressive 761,068 BTC. The aggregate acquisition cost stands at approximately $57.61 billion, with an average cost basis of $75,696 per Bitcoin. Strategy explicitly stated that all capital is dedicated to Bitcoin accumulation, underscoring its unwavering, long-term “Bitcoin-first” strategy.
Bitcoin Per Share (BPS) Metric Sees Significant Rise
On March 17, Strategy released data for its flagship metric, “Bitcoin per Share (BPS),” revealing a 3.0% growth in BPS during the first two weeks of March. This notable increase was primarily driven by a surge in investor demand for $STRC perpetual stretch preferred shares. The $STRC series offers a highly attractive, low-dilution or even non-dilution fundraising pathway, enabling the company to rapidly expand its Bitcoin holdings without substantially impacting the equity of common shareholders.
Market Reaction and Strategic Implications
Following the announcement, both Strategy’s common stock ($MSTR) and its $STRC series shares experienced a positive market reaction. Analysts highlighted that the average purchase price was particularly attractive compared to the prevailing Bitcoin market price (hovering around $75,000). This astute timing demonstrates the company’s ability to capitalize on periods of market stabilization to accelerate its strategic positioning in Bitcoin.
Strategy’s current holding size remains the largest among global corporations, bringing it tantalizingly close to the symbolic milestone of “1 million Bitcoins.” The company has reaffirmed its commitment that all future fundraising efforts—including At-The-Market (ATM) equity offerings, preferred shares, and warrant series—will prioritize Bitcoin accumulation, debt management, and Bitcoin-related revenue generation initiatives.
As Bitcoin reclaims the $75,000 mark and institutional capital continues to flow into the digital asset space, Strategy’s latest bold move not only fortifies its leadership as a premier Bitcoin reserve company but also sets a new benchmark for corporate Bitcoin reserve strategies worldwide. Market observers anticipate that Strategy will continue to leverage its existing capital plans to further expand its Bitcoin holdings in the coming weeks.
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