Leading crypto technology and investment firm Strategy has once again stolen the market’s attention by adding a large stake in Bitcoin.
At the time of writing, the price of Bitcoin is currently at $75,603, up 0.04% since it opened early Tuesday in Asian trading.
Last week alone, the firm bought 22,337 BTC worth about $1.57 billion, bringing its total Bitcoin holdings to 761,068 BTC.
This aggressive move further solidifies Strategy’s position as the world’s largest public Bitcoin holder.
The purchases were made at an average price of around $70,194 per Bitcoin, which is lower than the company’s previous average price of around $75,696.
The firm, led by Bitcoin ardent supporter Michael Saylor, is seen continuing to take advantage of any price opportunity to add to its holdings.
Interestingly, this latest purchase is also among the five largest Bitcoin transactions ever made by Strategy.
To finance the large purchase, the company sold preferred shares known as STRC as well as some of their common stock.
The proceeds from this sale managed to raise over $1.5 billion which was then used to buy Bitcoin.
In total, Strategy has now spent around $57.61 billion to build up their Bitcoin reserves.
If the company really wants to reach its target holding of 1 million BTC, they still need to acquire almost 239,000 more Bitcoins in the coming period.
