Mackenzie Tatananni

MicroStrategy, the Bitcoin investment company now doing business as Strategy, revealed in a regulatory filing Monday that it had continued buying more of the cryptocurrency.

MicroStrategy disclosed in a form filed with the U.S. Securities and Exchange Commission that it had bought more than 20,000 digital tokens after a week without any purchases.

The software company said it acquired 20,356 Bitcoins between Feb. 18 and Feb. 23 for about $1.99 billion in cash, or an average of $97,514 per Bitcoin.

The purchases were made using proceeds from the company's convertible notes offering. Last week, the company priced its $2 billion aggregate principal amount of 0% convertible senior notes due 2030.

As of Feb. 23, MicroStrategy's total holdings amounted to around 499,096 Bitcoins acquired for about $33.1 billion, or an average of $66,357 per token.

Benchmark analyst Mark Palmer noted that the holdings had a market value of roughly $47.8 billion, based on Bitcoin's price at the time of his report. The cryptocurrency was down 1.2% over the past 24 hours to $94,634, according to CoinDesk data.

As the world's largest corporate holder of Bitcoin, MicroStrategy is increasingly seen by investors as a leveraged play on the crypto. The company announced earlier this month that it was changing its name and logo to reflect its "unique position as a Bitcoin treasury company."

Appearing at the 2025 Conservative Political Action Conference on Feb, 20, Executive Chairman and co-founder Michael Saylor voiced his support for a strategic Bitcoin reserve.

"There's only room for one nation-state to buy up 20% of the network, and obviously, I think it should be the United States," Saylor said.

"It's a way for us to emerge as a creditor nation in a matter of a decade. It's also a way for us to ensure we're leaders in cyberspace and the digital economy for the next hundred years."

Shares of MicroStrategy were down 4% to $287.75 on Monday. The stock has fluctuated this year, declining in the wake of President Donald Trump's inauguration when Trump didn't immediately spell out his plans for cryptos. Nonetheless, MicroStrategy stock sports a gain of more than 250% for the latest 12 months.

The president has since provided some clarity in the form of an executive order establishing a "Working Group on Digital Asset Markets." The group has been tasked with proposing a regulatory framework within 180 days.

On Friday, SEC Chairman Hester Peirce issued a call for public input on how the agency should approach crypto moving forward.

"Five years ago, I remarked that 'figuring out how to deal with the SEC on crypto issues [was] like a regulatory version of an escape room,'" Peirce wrote. "Now it is time to help open the door."

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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February 24, 2025 10:29 ET (15:29 GMT)

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