Strategy acquires 6,911 Bitcoin for $584.1M - Breaking The News
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Strategy acquires 6,911 Bitcoin for $584.1M

Business
Christian Baha / SM

1 min read

UNSPLASH / THOUGHT CATALOG

MicroStrategy Inc. (now known as Strategy) announced on Monday that it acquired 6,911 Bitcoin for about $584.1 million in cash in the week between March 17 and March 23, according to the company's Securities and Exchange Commission (SEC) filing released on Monday.

The company said it bought Bitcoin at an average price of approximately $84,529 per Bitcoin, which included fees and expenses. It used proceeds from the sale of 1,975,000 of its shares for an aggregate net proceeds of $592.6 million.

According to the SEC filing, Strategy and its subsidiaries currently own 506,137 Bitcoin, bought at an aggregate price of approximately $33.7 billion, or approximately $66,608 per Bitcoin. The company's shares jumped by 4.81% at 8:30 am ET during premarket trading after the filing's release, selling for $304 apiece.

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