**Bitcoin Price Surges Past $120,000 as Strategy Acquires $18 Million in BTC**
Bitcoin’s price soared to $122,290 on Sunday night, coinciding with Strategy’s announcement of acquiring 155 BTC for $18 million. This purchase marks the fifth anniversary of the company’s innovative Bitcoin treasury strategy. The acquisition, made at an average price of $116,401 per Bitcoin, increases Strategy’s total holdings to 628,946 BTC, which constitutes about 3% of the total Bitcoin supply.
According to a recent SEC filing, Strategy funded this purchase using proceeds from its STRF ATM (At-The-Market) offering and its earlier completed initial public offering of Variable Rate Series A Perpetual Stretch Preferred Stock. The company’s total Bitcoin investment now amounts to $46.1 billion, with an average purchase price of $73,288 per coin.
Michael Saylor, Chairman of Strategy, shared on social media, “If you don’t stop buying Bitcoin, you won’t stop making money,” reflecting on the company’s journey since its first Bitcoin acquisition on August 11, 2020, when it purchased 21,454 BTC for $250 million at approximately $11,400 per coin.
While this latest acquisition is smaller compared to the 21,021 BTC purchase made in July, it underscores Strategy’s steadfast commitment to its Bitcoin accumulation strategy. The move comes amid a growing trend of corporate Bitcoin adoption, with an increasing number of public companies adding Bitcoin to their balance sheets.
Strategy’s consistent Bitcoin accumulation, regardless of market fluctuations, has set a benchmark for corporate treasury management and inspired other companies to view Bitcoin as a viable treasury asset. Since its initial investment, Bitcoin’s price has surged by 960%, validating Strategy’s controversial decision to convert its corporate treasury into Bitcoin five years ago.
The company currently manages several ATM offering programs totaling over $40 billion, including common stock and various series of preferred stock. In the week ending August 10, Strategy sold 115,169 STRF shares, generating $13.6 million in net proceeds, which partially funded the latest Bitcoin acquisition.
Looking ahead, Saylor remains optimistic about Bitcoin’s long-term potential. He has committed to continuing Bitcoin purchases regardless of price fluctuations and has reiterated his prediction that Bitcoin could reach $21 million within the next 21 years. Although this recent purchase may appear modest compared to previous acquisitions, it symbolizes Strategy’s ongoing dedication to its Bitcoin strategy.
**FAQ**
**What is Strategy’s approach to Bitcoin investment?**
Strategy has consistently accumulated Bitcoin as a treasury asset, demonstrating a long-term commitment to Bitcoin investment regardless of market conditions.
