Strategy acquired 24,869 Bitcoin last week for over $2 billion, adding to the software company-turned-crypto-treasury giant’s already vast holdings as it continues its aggressive accumulation strategy.

The purchase was made at an average price of $80,985 per coin, inclusive of fees and expenses, according to a filing with the SEC. The buy brings Strategy’s total Bitcoin holdings to 843,738 coins valued at about $65 billion at current market prices.

The latest acquisition was funded entirely through proceeds from the company’s at-the-market offering program.

During the period from May 11 to May 17, Strategy raised $1.9 billion by selling approximately 19.5 million shares of its Variable Rate Series A Perpetual Stretch Preferred Stock, and approximately $84 million through the sale of 430,344 shares of its Class A common stock, bringing total net proceeds to over $2 billion.

Strategy may use Bitcoin reserves to fund $1.38B debt buyback

The largest crypto treasury may utilize its Bitcoin holdings and other financing sources to fund a $1.38 billion buyback of $1.5 billion worth of convertible notes maturing in 2029, according to a recent filing. The privately negotiated agreement values the notes at around an 8% discount to par and is scheduled to settle near May 19, after which the repurchased debt will be retired.

The announcement followed remarks by Executive Chairman Michael Saylor, who described a long-term capital strategy designed to use the firm’s Bitcoin reserves to manage dividends and liabilities while continuing to accumulate more BTC.

According to Saylor, Strategy’s breakeven rate for annual Bitcoin appreciation is about 2.3%. If Bitcoin rises faster than that pace, the company believes it can sell portions of its holdings to fund dividends while replenishing and growing reserves through additional STRC-related capital raises.