Michael Saylor's Strategy could acquire at least 3,127 BTC this week through STRC share sales. The purchases may reduce Bitcoin supply and support higher prices as bulls target 100,000 dollars.
Michael Saylor's Strategy could acquire at least 3,127 BTC this week through sales of STRC shares. The planned purchases come amid broader market optimism for Bitcoin.
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Strategy acquired 24869 bitcoin last week in a purchase valued at 2.01 billion dollars. The transaction was funded largely through sales of its preferred stock. The move increased the firm's total holdings to 843738 bitcoin.
Michael Saylor, chairman of Strategy, posted on X to indicate that the Bitcoin treasury firm plans to purchase BTC this week. He also called on retail holders to participate in the STRC proxy vote.
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Michael Saylor shared a chart on Sunday indicating Strategy holds 847,363 Bitcoin worth about $50.9 billion. The post came as the company's stock continued to decline amid questions over its funding approach.
Strategy sold 32 Bitcoin between May 26 and May 31 to fund preferred stock dividends. The sale, worth about $2.5 million, marks the company's first disposal of the asset since 2022. Bitcoin prices fell following the disclosure on June 1.
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Strategy sold 2.71 million shares of its common stock last week to raise $335.5 million, directing most of the proceeds into cash reserves rather than Bitcoin purchases. The move lifted the company's US dollar holdings to $1.4 billion while adding only 520 Bitcoin. The action followed a sharp drop in the price of its STRC preferred shares.
Strategy's STRC preferred shares dropped sharply this week amid falling Bitcoin prices and leveraged selling. The security, designed to trade near its $100 par value, reached an intraday low of $82.50 before rebounding slightly.
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Strategy, the largest corporate holder of bitcoin, reported a $12.77 billion net loss for the first quarter while its bitcoin holdings grew. Chief executive Michael Saylor signaled the company may sell some of its bitcoin to stabilize the market.