The giant Strategy Inc. is unstoppable. In a recent report filed with the SEC on Monday, February 2, the company confirmed the purchase of an additional 855 BTC for an amount of $75.3 million.
📊 Key figures of the operation
Purchase volume: 855 BTC.
Average purchase price (fees included): $87,974 per bitcoin.
Total treasury: 713,502 BTC.
Total acquisition cost: $54.26 billion.
Average holding price (DCA): $76,052 / BTC.
🚀 The ATM method: The engine of their growth
Contrary to what some may think, Strategy Inc. does not use direct debt related to digital assets for these purchases. Their secret? The "At-The-Market" (ATM) program.
Between January 26 and February 1, the company sold 673,527 common shares, generating a net income of $106 million. It is this stock sale that directly finances the accumulation of BTC.
Key takeaway:
The company still has massive firepower: over $8 billion in residual issuance capacity on its stock programs.
They are gradually moving away from leverage (debt) to focus on equity issuance, a more robust strategy in the long term.
📈 A refined "Playbook" since 2020
Since its inception in 2020, Strategy Inc. has perfected the art of raising capital to stack Bitcoin. After utilizing convertible bonds (like the $650 million raised in December 2020), the company now favors equity-related products to limit risks associated with debt while maximizing exposure to BTC.
Also read: The fatal error on Ethereum that cost this company $6.6 billion.
💰 Dividends and Preferred Shares
Alongside its Bitcoin strategy, the company caters to its "traditional" investors:
The dividend rate for preferred shares (Series A) rises to 11.25% starting February 1.
A cash dividend of $0.9375 per share will be paid on February 28.
Next reading: The revelations from the Epstein archives on the Ripple and Stellar ecosystems.
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