Michael Saylor, co-founder of Strategy, signaled that the company will buy more Bitcoin on Monday. The purchase would boost the firm's Bitcoin treasury holdings. Strategy is the world's biggest Bitcoin treasury company.
Michael Saylor, co-founder of Strategy, signaled that the company will buy more Bitcoin on Monday. The move is expected to increase the company's treasury holdings further.
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Strategy purchased 535 bitcoin last week for about 43 million dollars at an average price of 80,340 dollars per coin. The acquisition came days after the company signaled it might sell some holdings to fund dividends or retire debt. Executive chairman Michael Saylor said any such sales would have minimal net impact.
Strategy chief Michael Saylor posted a social media message on Sunday morning teasing a pending bitcoin purchase.
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Strategy executive chairman Michael Saylor posted a chart on Sunday suggesting another Bitcoin acquisition could follow. The post came as the company faces growing questions over its finances and recent Bitcoin sale.
Strategy, the world's largest Bitcoin treasury company, agreed on May 15 to repurchase roughly $1.5 billion principal amount of its 2029 convertible notes for an estimated $1.38 billion in cash. The firm may fund the transaction through cash reserves, ATM equity sales, or Bitcoin proceeds.
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Bitcoin traded little changed near $62,600 after Strategy bought 1,550 BTC for $101 million. The purchase brought the company's holdings to 845,256 coins but failed to lift prices amid investor caution ahead of U.S. inflation data.
Strategy bought back $1.5 billion of its 2029 convertible notes for $1.38 billion in cash. The move reduced the company's total convertible debt to $6.7 billion.
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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.