It‘s Monday in crypto, so you know what that means: Bitcoin treasury firm Strategy has announced another big buy.
Michael Saylor‘s Strategy—formerly MicroStrategy—added 13,390 BTC to its balance sheet from May 5 to May 11, spending over $1.34 billion on the digital asset, according to a filing Monday with the Securities and Exchange Commission.
The purchase brings its total holdings to 568,840 BTC—or $59 billion worth of the asset.
Nasdaq-traded MSTR said that it has now spent a total of $39.41 billion on buying Bitcoin, with each coin priced on average at $69,287.
Strategy—which used to focus on selling data-analyzing software—is the largest corporate holder of Bitcoin.
It first started buying the asset in 2020, gradually adding to its holdings and last year fast-accelerating its buys.
The company‘s co-founder and chairman Michael Saylor came up with the idea of buying BTC during the COVID-19 pandemic as a way to get shareholders the best value for their money. As the U.S. Federal Reserve unleashed trillions to stimulate a halted economy, Saylor argued that Bitcoin was a superior asset and inflation hedge, and that other companies should buy it to preserve capital.
Tysons, Virginia-based Strategy now works to securitize Bitcoin: the idea is investors can buy shares in a company that trade on the stock exchange to get regulated exposure to the cryptocurrency.
Smaller companies on the Nasdaq and elsewhere have emulated the Strategy‘s business plan, including Metaplanet and Semler Scientific.
Bitcoin was recently trading for $104,110, according to CoinGecko data, after jumping by nearly 11 over a seven-day period. Over 24 hours, BTC has largely traded flat.
The cryptocurrency hit a new all-time high of $108,786 in January and is now just 4 short of that record.
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