MicroStrategy Bulks Up Bitcoin Holdings, Bringing Total to More Than 580,000 Tokens — Barrons.com
By Mackenzie TatananniMicroStrategy, the world's largest corporate holder of Bitcoin, announced this week that it had snapped up even more cryptocurrency, bringing its total stash to more than 580,000 digital tokens.The company, which does business as Strategy, said in a press release Monday that it had acquired 4,020 Bitcoins in the period between May 19 and May 25, for an aggregate purchase price of $427.1 million.The latest purchase brings the company's total holdings to 580,250 digital tokens purchased for a total of roughly $40.61 billion, or around $69,979 per Bitcoin.Strategy said it made the latest purchase using the proceeds of three different at-the-market programs. The company sells equity, debt, and preferred stock to fund the build-out of its Bitcoin treasury.The stock has seen explosive gains over the past 12 months, rallying 118%. It remains up nearly 27% this year. Shares fell 1% to $365.95 on Tuesday. The S&P 500 and Nasdaq Composite were up 1.6% and 2%, respectively.Strategy was founded in 1989 as an enterprise software company, but it has strayed from those roots. Nowadays, it is seen it as a leveraged Bitcoin vehicle that offers investors exposure to the cryptocurrency without having to own it directly.This means the stock's price is closely tied to that of Bitcoin, which has risen 0.5% over the past 24 hours at $109,676, according to CoinDesk. The crypto crossed its previous record of $109,000 last week, notching an all-time high of around $112,000.While Bitcoin is touted as a hedge of inflation, it trades along with the broader market and is more volatile during periods of uncertainty. Predictably, the price pulled back after remarks from President Donald Trump reignited fears of a trade war.On Sunday, Strategy Chairman Michael Saylor hinted that the company would buy the dip. "I only buy bitcoin with money I can't afford to lose, " the billionaire wrote in a post to X.Write to Mackenzie Tatananni at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.