Business intelligence firm Strategy has acquired an additional 1,895 Bitcoins for roughly $180 million, according to a Monday announcement.
In a now-familiar pattern, Executive Chairman Michael Saylor hinted at the purchase on Sunday with a social media post.
According to CoinGecko data, Bitcoin is currently changing hands slightly above the $94,000 level after dipping below 1.5% over the past 24 hours.
Meanwhile, Strategy shares are down 3% in pre-market trading after adding more than 3% on Thursday.
As reported by U.Today, the largest corporate Bitcoin holder announced a $1.4 billion purchase on Monday. The firm spends its entire $21 billion at-the-money (ATM) offering within mere months.
Last week, Strategy moved to double the amount of capital that it intends to raise for buying Bitcoin to an eye-popping $84 billion.
The company registered another $21 billion equity offering program after exhausting the previous one. The company has also doubled its debt purchase program to a whopping $42 billion, with $14.6 billion still being available.
Last month, Matthew Siegel, head of digital research at VanEck, stated that a collapsing premium poses the biggest threat to Strategy and its copycats.
"As long as the shares are trading at a premium…then they should be able to issue equity and buy Bitcoin in a way that creates this Bitcoin yield," he said.
However, if the shares of such companies start trading at a discount, this will break the Bitcoin yield engine since financing new BTC purchases would be value-destructive for shareholders.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.