Strategy, formerly known as MicroStrategy, has reversed its decision to buy Bitcoin this week, two sources within the company confirmed to London Insider on Thursday.
Earlier this week, London Insider reported that MicroStrategy was planning to purchase Bitcoin again this week, marking the third consecutive week of them adding to their BTC treasury.
However, MicroStrategy has now decided not to add to its Bitcoin stash this week, for undisclosed reasons. But the firm, headed by Michael Saylor, is planning to raise more funds to buy more Bitcoin later in April, the sources added.
On 28 March, London Insider exclusively reported that MicroStrategy had purchased more Bitcoin that week and would announce the details on 31 March, which they did.
Last Monday, the company announced that it had purchased 22,048 Bitcoin for $1.92 billion, capitalizing on a recent price drop. The acquisition was made at an average price of $86,969 per Bitcoin, further solidifying Strategy’s position as the largest corporate holder of Bitcoin.
On March 31, Bitcoin advocate Michael Saylor’s company, Strategy (formerly MicroStrategy), announced the acquisition of 22,048 Bitcoin, valued at approximately $1.92 billion.
The company stated that the purchase was funded through proceeds from its common MSTR at-the-market (ATM) offering, as well as preferred STRK and STRF ATM stock sales.
During pre-market trading, MSTR shares were priced at $282, while STRK and STRF stocks were trading at $84 and $92, respectively.
Bitcoin Holdings Continue to Grow
The latest Bitcoin acquisition occurred between March 24 and March 30, with each Bitcoin costing the company an average of $86,969. As of March 30, Strategy now holds 528,185 Bitcoin, worth around $35.63 billion, with an average purchase price of $67,458 per Bitcoin.
Since 2020, the company has been aggressively converting its balance sheet into a Bitcoin reserve, making it the largest corporate holder of the cryptocurrency.
MARA Holdings Eyes Expansion
Meanwhile, MARA Holdings, the world’s largest Bitcoin mining company, currently holds 46,374 Bitcoin, making it the second-largest corporate Bitcoin holder. However, the company aims to expand its Bitcoin holdings and has announced plans to raise $2 billion through a stock offering.
On March 28, MARA Holdings filed an 8-K report with the U.S. Securities and Exchange Commission (SEC), outlining its partnership with investment firms such as Barclays Capital, BMO Capital Markets, and Cantor Fitzgerald & Co. The company plans to sell common stock at a par value of $0.0001 per share to fund further Bitcoin acquisitions.
With both Strategy and MARA Holdings doubling down on Bitcoin, corporate interest in the leading cryptocurrency continues to grow.