Strategy holds over 500,000 BTC after stock sales

Strategy, formerly known as MicroStrategy, announced that it now holds over 500,000 Bitcoin. The milestone was reached after the company acquired 6,911 Bitcoin last week. Currently, Strategy has a total of 506,137 Bitcoin, valued at approximately $44.2 billion. The company reported that it purchased Bitcoin at an average price of $84,500 per coin. This is a bit higher than the $83,000 average it paid for a previous acquisition of 130 Bitcoin. Strategy raised funds by selling nearly two million shares of its class A common stock, resulting in about $593 million in net income. This stock sale is part of a larger equity offering program that Strategy launched in October. The program allows the company to sell up to $21 billion in common shares, and it has about $3.57 billion still available for sale. In addition, Strategy raised $1.1 million from selling a new financial product called “perpetual strike preferred stock.” Despite some fluctuations in stock price, Strategy's shares rose by 7.2% on the day of the announcement. Meanwhile, the price of its new product, Strike (STRK), also gained slightly after experiencing a decline over the last month. Michael Saylor, the co-founder and Executive Chairman of Strategy, hinted at the company’s continued interest in Bitcoin purchases. He indicated on social media that the company plans to buy more Bitcoin in the future. Last year, Strategy invested $19.3 billion in Bitcoin, using various financial strategies. So far this year, it has already spent $5.3 billion on the asset.