Michael Saylor and his company Strategy (MSTR) continue to shake up the crypto world. Last week, the company hit a new milestone: with the purchase of 6,911 Bitcoin (BTC) for $584.1 million, their total holdings exceeded 500,000 BTC. Strategy reported this on Monday in an official filing. With an average purchase price of $84,529 per token, the company now holds 506,137 BTC, representing a total investment of $33.7 billion. And they seem far from done.
How do they pay for all this? Simple: by selling stocks. This time, they raised $592.6 million through the sale of 1.975 million common shares. In addition, a preferred stock issue (STRK) was priced at the end of last week, good for $711 million. So far, the sale of 13,100 shares has already yielded $1.1 million. Strategy has clearly opened the money tap wide to fuel their Bitcoin strategy.
The market is picking up the signal. MSTR shot up 4.8% in pre-market trading, while Bitcoin itself blasted out of the weekend above $87,000. It seems that Saylor’s relentless Bitcoin hunger is once again moving traders and investors. His strategy – raising cash through the capital market to stack BTC – continues to keep the market on its toes.
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