Michael Saylor’s investment strategy has made significant headlines as it recently acquired over $500 million worth of Bitcoin amid a resurgence of institutional interest and exchange-traded fund (ETF) inflows. Between March 17 and March 23, the company purchased 6,911 Bitcoin (BTC) at an average price of $84,529 per coin, totaling an expenditure of approximately $584 million, as detailed in a filing with the US Securities and Exchange Commission (SEC) on March 24.
Source: US SEC
Following this latest acquisition, the company now holds a staggering total of 506,137 Bitcoin, with an overall purchase price of approximately $33.7 billion. This signifies an average purchase price of around $66,608 per Bitcoin, inclusive of all fees and expenses.
This pivotal milestone was noted shortly after Saylor hinted at an upcoming Bitcoin investment, following the company’s announcement regarding the pricing of its latest preferred stock tranche, which took place on March 21. The preferred stock was marketed at $85 per share and offers a 10% coupon, projecting the company to generate approximately $711 million in revenue from this offering.
Related: Michael Saylor’s Strategy to raise up to $21B to purchase more Bitcoin
