Strategy (NASDAQ: MSTR), the world’s first and largest Bitcoin (BTC) treasury company, announced the acquisition of about 7,633 Bitcoins between February 3 and 9th. The large-cap company, valued at over $84 billion, used the proceeds from the 516,413 million stock sale under the sales agreement for an aggregate value of $179 million.
Additionally, Strategy used the proceeds from the Feb 5 public offering of 7.3 million shares of its 8 percent Series A Perpetual Strike Preferred Stock, which were about $563 million.
As a result, Strategy now holds 478,740 Bitcoins, which are worth more than $46 billion at the current value of around $97k. With the company having spent around $31.1 billion, Michael Saylor and the group of shareholders are counting an unrealized profit of over $15 billion
Market Impact of Strategy’s Bitcoin Acquisitions
The strategic acquisition of Bitcoins by Strategy has helped in the ongoing Bitcoin recovery after a bearish start in February. With Strategy having influenced other global companies – led by Tokyo-based Metaplanet Inc., and India’s JetKing – the supply of Bitcoins for sale will continue to decline exponentially.
Moreover, more investors are speculating on the inevitable adoption of Bitcoin by nation-states, led by the United States.
Ultimately, Bitcoin price will follow Gold price action in the near future fueled by institutional investors. Furthermore, Bitcoin price has established a solid support range between $91k and $108k.
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