Michael Saylor’s firm Strategy unveiled one of its largest Bitcoin (BTC) purchases of the year on Monday.
Saylor says the company bought 13,927 BTC for approximately $1 billion, at a price of $71,902 per Bitcoin.
The purchase came entirely from proceeds of STRC sales with no common stock dilution. STRC is Strategy’s Variable Rate Series A Perpetual Preferred Stock, which currently pays a variable monthly dividend of 11.5%.
Strategy now holds 780,897 BTC acquired for $59.02 billion. The firm, which trades on the Nasdaq under the ticker MSTR, is the world’s largest corporate holder of Bitcoin and was the first public company to adopt BTC as its sole treasury reserve asset.
Bitcoin is trading at $71,461 at time of writing. The top-ranked crypto asset by market cap is up 0.75% in the past 24 hours and more than 2.5% in the past seven days.
In a Bloomberg interview earlier this year, Saylor predicted that Bitcoin would not have to endure future boom-and-bust cycles.
“Winter’s not coming back. We’re past that phase. Bitcoin’s not going to zero, it’s going to $1 million.”
The Strategy founder said his bullishness was due to the Trump Administration’s embrace of crypto and the doors it opened for future institutional adoption.
“The banks are going to custody Bitcoin. Bitcoin has gotten through its riskiest period, the accounting has been corrected.
There’s now only 450 Bitcoin a day available for sale by natural sellers, that’s the miners. At this level, that works out to about $50 million of Bitcoin available for sale every day. If that $50 million is bought, then the price has got to move up to find any seller that’s price sensitive.”
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The post Michael Saylor’s Strategy Unveils Massive $1,000,000,000 Bitcoin Purchase As BTC Shows Signs of Life appeared first on The Daily Hodl.
