Strategy (MSTR) has acquired more Bitcoin (BTC) as the price of the largest cryptocurrency by market capitalization has languished.
Strategy, formerly known as MicroStrategy, filed a form with the U.S. Securities and Exchange Commission (SEC) showing that it bought 6,556 Bitcoin at a cost of $555.8 million U.S. between April 14 and 20.
Strategy used cash to purchase the new Bitcoin and paid $84,785 U.S. per digital token.
A former software company turned serial Bitcoin acquirer; Strategy is the world’s largest corporate owner of the cryptocurrency.
The company now owns a total of 538,200 Bitcoins. Based on the current price, Strategy’s holdings are worth $47 billion U.S.
Founded in 1989, Strategy rebranded earlier this year and is now viewed as a proxy for Bitcoin.
Strategy’s stock tends to move in tandem with the price of Bitcoin. The company uses proceeds from its at-the-market programs to fund its ongoing Bitcoin purchases.
News of Strategy’s latest Bitcoin purchase comes as the cryptocurrency’s price rebounds to trade above $88,500 U.S. as stock markets around the world remain volatile.
Bitcoin had been languishing near $80,000 U.S. in recent weeks but now it appears that many investors are moving back into crypto as volatility in equity markets worsens.
The stock of Strategy has risen 6% so far this year to trade at $317.72 U.S. per share.
