Strategy’s Bitcoin Bet Deepens: $23B Paper Profit on $47B Investment After Latest Purchase

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MicroStrategy, rebranded as Strategy, continues to execute its core strategy of accumulating Bitcoin as a primary treasury asset.

The company’s latest 8-K filing reveals a $18.8 million purchase, bringing its total stash to 640,418 BTC. The scale of the bet is staggering: the company has spent $47.4 billion to amass its position, which is now worth over $71 billion, implying a paper gain of nearly $24 billion.

The purchases are funded through a complex series of capital-raising efforts, including multiple ATM (at-the-market) preferred stock sales and a long-term “42/42” plan targeting up to $84 billion for future Bitcoin acquisitions.