Strategy adds $535 million in bitcoin days after outlining potential sell-off scenarios

Disclosure: The author of this story owns shares of Strategy (MSTR).

Michael Saylor, the executive chairman of Strategy (MSTR), the largest publicly traded company holder of bitcoin BTC$81,241.52on Monday, X announced the purchase of 535 bitcoins for about $43 million at an average price of about $80,340 per

The purchases bring the company’s total holdings to 818,869 BTC, acquired for $61.86 billion at an average cost basis of $75,540. With bitcoin currently trading above $81,000, Strategy’s cache is currently in profit.

Last week’s purchase was funded by $42.9 million raised through the sale of the company’s preferred stock, according to a May 11 SEC filing.

This purchase follows Strategy’s first-quarter earnings call, in which the company said it was prepared to sell bitcoin to repay convertible debt or fund dividend obligations, provided the move remains active on a bitcoin-per-share basis.

MSTR shares rose more than 1% in pre-market trading.