Michael Saylor’s Strategy Continues to Bet Big on Bitcoin
Despite Bitcoin trading near historic highs, Michael Saylor’s Strategy remains bullish on the asset, recently purchasing an additional 390 Bitcoins for $43 million. This move demonstrates Saylor’s unwavering confidence in Bitcoin’s long-term trajectory, even as markets debate whether the asset is overheated. The purchase, which was made at $111,111 per Bitcoin, is the third such acquisition by Strategy in October, bringing the company’s total Bitcoin holdings to 640,808 BTC.
This latest purchase was facilitated through the issuance of preferred stock, allowing Strategy to increase its Bitcoin accumulation without impacting short-term liquidity. However, this approach may lead to shareholder dilution over time. The average cost of this batch of Bitcoins was $110,500 per BTC, representing a 49% increase from Strategy’s total average cost of $74,032. 
Strategy’s latest Bitcoin acquisitions and key metrics | Source: Strategy
Accelerating Bitcoin Accumulation
Strategy’s continued buying spree, particularly at near-historic highs, underscores Saylor’s conviction that Bitcoin remains undervalued. This sentiment appears to be shared by traders, as evidenced by the positive reaction to the announcement, with MSTR stock rising 2.69% to $296.67 during trading hours on the day of the purchase. Despite the volatility of the crypto market, which has seen MSTR stock fall 26% over the last three months, the company’s long-term outlook remains optimistic, with its stock up 16% over the past year.
Market Impact and Holdings
As the largest corporate Bitcoin owner, Strategy’s holdings of 640,808 BTC represent 3% of the total possible BTC supply and over 5% of the circulating supply. This significant stake in Bitcoin underscores the company’s commitment to the asset and its potential for long-term growth. With its continued accumulation of Bitcoin, Strategy is positioning itself for potential future gains, even as the market navigates current volatility.
For more information on Michael Saylor’s Strategy and its Bitcoin purchases, visit the original source: https://crypto.news/michael-saylors-strategy-buys-390-bitcoin-for-43-million/
