From June 8 to 14, Strategy acquired 1,587 BTC for $100 million at an average price of $63,024 per coin.
After the deal, the firm's total reserves reached 846,842 BTC. The portfolio's market value is estimated at $56.6 billion, which is equivalent to 4% of the asset's total supply.
To purchase the coins, the company used proceeds from the sale of its class A shares. Strategy sold securities worth $209 million. Under the current program, the firm still has the ability to sell another $25.75 billion in shares.
The company also increased its dollar reserves from $1 billion to $1.1 billion.
Experts from Sygnum Bank pointed to the risks of a strategy shift: Strategy had previously promised not to sell bitcoins, but it may now use them to back its payouts. In their opinion, the value of the firm's securities directly depends on the long-term performance of the leading cryptocurrency.
Earlier, the company disclosed the sale of 32 BTC. This was Strategy's first small sale in several years.
BitMine's crypto reserve
BitMine Immersion Technologies has brought the amount of Ethereum in its reserves to 5.62 million ETH. At present, the company controls 4.66% of the asset's total market supply.
The total value of BitMine's cryptocurrency assets and cash reached $10.4 billion. The firm staked 4.7 million ETH through its own MAVAN infrastructure. The expected annual income from this activity will amount to about $269 million.
The company also announced the listing of preferred shares on the New York Stock Exchange (NYSE). Trading under the ticker BMNP will begin on June 16. The $273.8 million raised from the offering will be directed toward expanding operations and purchasing cryptocurrency.
Recall that in early June, Grayscale analysts called Strategy's first bitcoin sale in a long time a «stress test» of its financial model.
Source: ForkLog
