Strategy, a Virginia-based software company that has made itself the largest corporate holder of Bitcoin, raised nearly $1.3 billion through a stock sale last week, allocating the proceeds to acquire additional digital assets.
The company, which trades on the Nasdaq under the ticker MSTR, disclosed today that it bought 17,994 bitcoins between March 2 and 8 at an average price of $70,946 per coin.
The purchase brings Strategy’s total assets to 738,731 Bitcoins, with a total value of $56 billion and an average purchase price of $75,862.
The strategy funded the latest acquisition through its market offering program, selling 6.3 million shares of Class A common stock for net proceeds of approximately $900 million and 3.7 million shares of Stretch Convertible Preferred Stock (STRC) for $377 million.
The combined $1.3 billion in equity issuance is one of the most active weeks of capital raising in recent months.
The company maintains a large capacity within its ATM program. The strategy is available for additional sales of $6.7 billion in MSTR shares, $20.3 billion in Strike preferred stock (STRK) and $3.2 billion in Stretch preferred series.
Strategy also amended the Omnibus Sales Agreement with its syndicate of underwriters, which includes TD Securities, Barclays Capital, Morgan Stanley and more than a dozen other financial institutions.
The amended terms allow the company to appoint a second sales agent for any single class of security during pre-market and after-hours trading sessions. The changes provide greater flexibility for volume transactions outside normal trading hours.
