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. Based on 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 approximately $47.5 billion, resulting in an unrealized loss (paper loss) of about $7.3 billion. Despite this, Strategy’s buying spree continues.
The funds used for this purchase mainly came from the company’s issuance of common stock (ticker: MSTR) and perpetual preferred stock (ticker: STRC) through a “market offering” mechanism.
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 quota available for MSTR stock issuance. Additionally, Strategy sold 71,590 shares of STRC, generating 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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