(Bloomberg) — Strategy, the self-styled Bitcoin Treasury company that until recently was called MicroStrategy Inc., said it acquired $742.2 million of the digital asset over the past seven days, resuming weekly purchases that began in late October.
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The Tysons Corner, Virginia-based enterprise software company turned leveraged Bitcoin proxy has announced purchases of the cryptocurrency in 12 of the last 13 weeks. Strategy now owns around $47 billion of the original cryptocurrency, or more than 2.5% of all the tokens that will ever exist.
Strategy purchased 7,633 Bitcoin at an average price of approximately $97,255 from Feb. 3 through Feb. 9, according to a filing with the US Securities and Exchange Commission on Monday. Strategy changed its name last week.
The company aims to raise $42 billion of capital through 2027 to fund Bitcoin purchases using at-the-market stock sales and fixed-income securities. Strategy is almost halfway through this goal, as co-founder and Chairman Michael Saylor has increased offerings and purchases since the election of President Donald Trump.
Hedge funds have been driving some of the demand as they seek out Strategy for convertible arbitrage strategies by buying the bonds and selling the shares short, essentially betting on the underlying stock’s volatility.
“We will continue to pursue intelligent leverage via our convertible bond strategies, via our preferred stock strategies, via opportunistic capital markets strategies in order to generate that leverage and that performance for the Bitcoin maxi investors,” Saylor said on a call with analysts Wednesday.
Strategy reported a $670.8 million net loss on Wednesday for the fourth quarter after registering a $1 billion impairment charge against its Bitcoin holdings. The company is expected to be profitable in the current quarter due to new accounting guidelines with the changes to the fair value of its Bitcoin holdings reflected on the income statement.
Strategy shares have dropped three straight weeks, but are still up 13% so far this year.
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