Strategy (MicroStrategy) Inches Toward 500K Bitcoin Milestone After Fresh $2 Billion Buy

Self-described Bitcoin treasury firm Strategy, formerly MicroStrategy, is inching towards a major milestone in its Bitcoin acquisition strategy.On Monday, February 24, Strategy announced the purchase of 20,356 BTC for about $1.99 billion at an average price of $97,514 per Bitcoin, bringing its total holdings within a hair's breadth of 500,000 BTC at 499,096 BTC. The firm procured the assets for approximately $33.1 billion at an average price of $66,357 per coin.https://twitter.com/saylor/status/1894010574494687441At current prices of about $95,600, Strategy's stash is worth $47.8 billion, representing a paper profit of $14.7 billion or about 44%.The firm's latest Bitcoin purchase follows the completion of a $2 billion 0% senior convertible note offering announced last week. The notes, which are due in 2030, offer buyers the option to buy an additional $300 million worth of notes before February 27.As The Crypto Basic reported, big-name banks like Barclays, Citigroup, Goldman Sachs, and Morgan Stanley facilitated this latest capital raise.The firm has ramped up its Bitcoin acquisition strategy in recent months, announcing plans to raise $42 billion to buy Bitcoin over the next three years.In line with this plan, it has already purchased 52,696 BTC worth over $5 billion year-to-date (YTD), with new buys announced almost weekly.Strategy's ramped-up Bitcoin purchases come despite a lingering tax concern that could force it to pay billions on its holdings come 2026.Meanwhile, demand for the company's shares also shows no signs of waning despite this tax risk and ongoing debates about the sustainability of the strategy. In perhaps the biggest case highlighting this, at least 12 U.S. state public funds have reported holdings in the firm.