Khaberni - The US cryptocurrency investment company "Strategy Inc.", owned by billionaire Michael Saylor, purchased Bitcoin worth $2.54 billion over the past seven days, in the largest acquisition the company has made since November 2024.
Bloomberg reported, based on data submitted to the US Securities and Exchange Commission, that the company executed the deal during the week ending April 19th, explaining that the funding primarily came from the proceeds of selling $2.18 billion worth of preferred stock known as Stretch, which are Class A shares with variable returns, and the remaining part of the deal value was provided through the sale of common stock.
According to Bloomberg, "Strategy" benefited from the recent three-week lasting surge in Bitcoin prices, the longest increase period for the world’s largest cryptocurrency since last July. This rise helped boost the demand for the company’s shares, both common and preferred, as "Strategy" stock rose about 30% over the past week, coinciding with Bitcoin reaching its highest level in two months.
Saylor, the co-founder and chairman of the company’s board, had launched a new issuance of preferred stocks with variable returns last year, as part of his efforts to diversify "Strategy's" financing sources.
Since its inception, the company has raised tens of billions of dollars through the sale of common stock, directing the proceeds into buying Bitcoin and leveraging the price increases to generate profits. The current value of the Bitcoin Strategy owns is about $61 billion.
