Saylor Teases Next Bitcoin Buy as Strategy Inc. Hits $70 Billion Bitcoin Milestone
Michael Saylor, head of Strategy Inc. (formerly MicroStrategy), hinted at further Bitcoin purchases with his signature phrase "There's always room for more orange," as the company's Bitcoin treasury reached a staggering $70.48 billion, representing 4.04% of all Bitcoin in existence. The announcement comes despite a recent challenge where the company's primary fundraising instrument, STRC preferred shares, fell below their $100 par value, triggering a "Buyback Zone" that prohibits issuing new shares for crypto purchases. However, Strategy Inc. has adapted by leveraging other credit lines totaling $12.69 billion and utilizing STRF securities as a liquidity source, enabling a recent targeted purchase of 334 BTC at an average price of $85,838 per coin. The company currently holds 848,000 BTC with an average purchase price of $75,436, indicating a solid profit given the current Bitcoin price above $83,000.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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