Key Points
- Business intelligence firm Strategy has invested an additional $742.4 million in Bitcoin (BTC).
- This marks the first BTC purchase by Strategy since its rebranding and despite reporting BTC-related impairment losses.
Strategy, a business intelligence firm, has increased its investment in Bitcoin by $742.4 million. This was made possible through the issuance of more shares via its at-the-market stock program, as reported in a U.S. Securities and Exchange Commission filing.
The firm purchased 7,633 BTC at an average spot price of $97,255. This acquisition has raised Strategy’s total Bitcoin holdings to 478,740 tokens, currently valued at over $46 billion.
Strategy’s Rebrand and Bitcoin Investment
Since 2020, Strategy has spent $31.1 billion on its BTC acquisition plan. However, this is the first time the company has bought Bitcoin after its rebranding to “Strategy”.
The decision to remove “Micro” from its name was made to streamline operations and reinforce its identity as the world’s largest corporate Bitcoin holder. The rebranding also included the introduction of a Bitcoin-themed orange logo, reflecting its “21/21” vision. This vision aims to add $42 billion worth of BTC to its balance sheet by the end of 2027.
Strategy’s Q4 Earnings and Shareholder Support
Despite the losses disclosed in last week’s Q4 earnings call, Strategy made its first BTC purchase since the rebrand. During the last quarter of the previous year, the company reported BTC-related impairment losses totaling $670 million.
Nevertheless, shareholders have backed the plans to increase BTC holdings. They approved a 30-fold increase in the number of shares offered through Strategy’s ATM program.
