Source: Barrons.com |
MicroStrategy, the Bitcoin investment company now doing business as Strategy, revealed in a regulatory filing Monday that it had continued buying more of the cryptocurrency.
MicroStrategy disclosed in a form filed with the U.S. Securities and Exchange Commission that it had bought more than 20,000 digital tokens after a week without any purchases.
The software company said it acquired 20,356 Bitcoins between Feb. 18 and Feb. 23 for about $1.99 billion in cash, or an average of $97,514 per Bitcoin.
The purchases were made using proceeds from the company’s convertible notes offering. Last week, the company priced $2 billion of 0% convertible senior notes due 2030.
As of Feb. 23, MicroStrategy’s total holdings amounted to around 499,096 Bitcoins acquired for about $33.1 billion, or an average of $66,357 per token.
Benchmark analyst Mark Palmer noted that the holdings had a market value of roughly $47.8 billion, based on Bitcoin’s price at the time of his report. The cryptocurrency was up 0.1% over the past 24 hours to $94,025, according to CoinDesk data.
As the world’s largest corporate holder of Bitcoin, MicroStrategy is increasingly seen by investors as a leveraged play on the crypto. The company announcedearlier this month that it was changing its name and logo to reflect its “unique position as a Bitcoin treasury company.”
TD Cowen analyst Lance Vitanza said MicroStrategy remains “an attractive vehicle for investors looking to create Bitcoin exposure” in a note Monday.
“What started as a defensive strategy to protect the value of its reserve assets has become an opportunistic strategy intended to accelerate the creation of shareholder value,” Vitanza wrote.
Appearing at the 2025 Conservative Political Action Conference on Feb, 20, Executive Chairman and co-founder Michael Saylor voiced his support for a strategic Bitcoin reserve.
“There’s only room for one nation-state to buy up 20% of the network, and obviously, I think it should be the United States,” Saylor said.
“It’s a way for us to emerge as a creditor nation in a matter of a decade. It’s also a way for us to ensure we’re leaders in cyberspace and the digital economy for the next hundred years.”
Shares of MicroStrategy closed down 5.7% to $282.76 on Monday. The stock has fluctuated this year, declining in the wake of President Donald Trump’s inauguration when Trump didn’t immediately spell out his plans for cryptos. Nonetheless, MicroStrategy stock sports a gain of more than 250% for the latest 12 months.
The president has since provided some clarity in the form of an executive order establishing a “Working Group on Digital Asset Markets.” The group has been tasked with proposing a regulatory framework within 180 days.
On Friday, SEC Commissioner Hester Peirce issued a call for public input on how the agency should approach crypto moving forward.
“Five years ago, I remarked that ‘figuring out how to deal with the SEC on crypto issues [was] like a regulatory version of an escape room,’” Peirce wrote. “Now it is time to help open the door.”