Bitcoin Jumps To $120K, Catapulting Strategy’s Holdings To Record $77.4 Billion

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Bitcoin bounced back above the six-figure mark, and a company that has bet heavily on the coin saw the value of its stash climb to a record $77.4 billion.

According to market trackers and other reports, the rebound in Bitcoin price pushed that valuation higher after the token moved toward $120,000.

Strategy’s Bitcoin Hoard Hits New Heights

Reports have disclosed that Strategy, the firm previously known as MicroStrategy, now holds roughly 640,031 BTC. That amount represents about 3.2% of the circulating supply, based on widely used supply figures.

Over the last seven weeks the company added 11,085 BTC to its balance, with a recent buy of 196 BTC on September 29, according to filings and market trackers. Those purchases helped lift the dollar value of the holdings to the new high.

Large Purchases Keep Pace With Market Moves

Based on reports, the company has kept buying as BTC recovered. At the price levels that pushed the holdings to $77.4 billion, each move in Bitcoin’s price sends big swings through the company’s net worth and headline numbers.

Strategy’s accumulation has been steady: acquisitions in recent months raised its total into the six-hundreds of thousands of coins.

Market watchers point out that such big holdings mean the firm’s fortunes are tightly linked to Bitcoin’s price action.

The Size Of The Bet Versus Other Firms And Countries

Analysts compared Strategy’s crypto stash to the market caps of major banks and even to the GDPs of smaller nations. Those comparisons highlight how large a single company’s crypto pile has become in dollar terms.

The firm’s balance sheet now includes a sum that is similar in size to several long-standing financial firms’ market capitalizations and to the annual output of some smaller economies.

Accounting Hits And Funding Moves

According to reports, Strategy has recorded several quarters with accounting losses tied to crypto price swings. One filing showed an unrealized loss figure in the billions during a down period, and the company has moved to raise capital.

Figures indicate a recent $21 billion equity offering was announced as part of steps to support further purchases and corporate needs. That plan, and similar funding actions, have been watched closely by investors who weigh dilution against continued accumulation.

Featured image from Unsplash, chart from TradingView

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