Strategy's Bold Move: Snags 7,390 More BTC in Latest Buying Spree

Hold onto your hats, folks! Strategy, the company that used to go by MicroStrategy, just dropped a cool $764.9 million on another 7,390 BTC. Yeah, you heard that right!

They went on this epic buying spree between May 12 and May 18, and now they're sitting pretty with a whopping 576,230 BTC. That's according to an SEC filing that hit the streets on Monday. These guys are on fire!

So, how'd they pull off this massive buy? They mixed it up with some stock magic - selling 1.7 million shares of their Class A common stock for $705.7 million and 621,555 shares of their Series A perpetual preferred stock for $59.7 million. It's like they're playing chess while everyone else is playing checkers!

And get this - Strategy now has more than $18.9 billion in MSTR and a mind-blowing $20.7 billion in STRK shares ready to be unleashed. Talk about flexing those financial muscles!

Strategy Holds a Whopping 2.7% of All BTC Ever

With a total spend of $40.2 billion, Strategy's bitcoin stash - now valued at over $59 billion - represents more than 2.7% of all the BTC that'll ever exist. That's 2.7% of 21 million coins, people! They're not just dipping their toes in the water; they're doing a full-on cannonball into the crypto pool.

And they're not stopping there. These guys have their sights set on a staggering $42 billion in bitcoin purchases by 2027. It's all part of their "42/42" capital strategy, and they're going for it like a bull charging at a red cape!

Right now, bitcoin is trading around $103,000. Meanwhile, MSTR shares took a slight hit, falling 2.3% in pre-market trading on Monday. But who cares? Strategy's in it for the long haul!

Strategy Faces a Class Action Lawsuit

But wait, there's a twist in this crypto tale. Strategy just got hit with a class action lawsuit filed on May 16. The plaintiffs claim the company pulled a fast one on investors and didn't spill the beans about the risks tied to their bitcoin strategy and the new crypto accounting rules. Ouch!

Strategy says they're ready to fight back, but they're not sugarcoating it - they admit there's some uncertainty about how this whole thing might shake out. It's like a high-stakes poker game, and the cards are still being dealt.

Meanwhile, more and more traditional companies are jumping on the Bitcoin bandwagon. Over 70 of them are now reporting BTC in their treasuries, including heavy hitters like Metaplanet, Semler Scientific, and Tether-backed venture Twenty One, which just announced a massive $3.6 billion bitcoin-focused initiative. The crypto revolution is in full swing, and these companies are not missing out!