Michael Saylor Strategy Buys Another 250 Bitcoin as Holdings Hit 848,250 BTC

Strategy acquired 250 bitcoin for approximately $21.5 million at an average price of $86,194 between October 5 and October 11, according to a Monday press release.

The company now holds 848,250 BTC worth about $70.6 billion, bought at an average price of $75,444 for a total cost of roughly $64 billion, said executive chairman Michael Saylor. The stash equals more than 4% of bitcoin’s 21 million supply cap and reflects around $6.6 billion in paper gains at current prices.

Stock Sales Fund the Acquisition

The latest purchase was funded by proceeds from at the market sales of Class A common stock and the company’s USD Cash reserve. Strategy sold 125,183 MSTR shares last week for about $21 million, with $18.8 billion in shares still available under the program. Its USD Cash covered the remaining $0.5 million.

Strategy also repurchased about 1.9 million STRC preferred shares for $192.4 million. Its USD Reserve and USD Cash balances stood at $4.88 billion and $640.5 million as of October 11.

Saylor posted his acquisition tracker chart with the caption there is always room for more orange. MSTR closed Friday at $154.34 after a 7% weekly drop, though TD Cowen kept a $260 price target on the stock.