Saylor Doubles Down: $10.7M Bitcoin Bet Amid Market Chaos
Michael Saylor’s firm, Strategy, just bought another 130 Bitcoin (BTC-USD) for $10.7 million, bringing their total holdings to nearly half a million BTC. This latest purchase was made at an average price of $82,981 per Bitcoin, which adds to their massive $33.1 billion Bitcoin stash, bought at an average of $66,360 per coin. Despite Bitcoin’s 14% drop this year and the broader market’s struggle, Saylor is still all-in, making it clear that his strategy of using stock and debt to fund Bitcoin buys is going nowhere. In fact, the company just raised $21 billion by issuing Series A perpetual preferred stock, explicitly to fuel more Bitcoin acquisitions.
While the stock market rebounded with the Nasdaq (QQQ) and S&P 500 (SPY) showing solid gains, Bitcoin’s facing its own set of challenges. It’s sitting 26% below its all-time highs from January, and investors are pulling back, with $5.5 billion flowing out of Bitcoin ETFs over the past five weeks. The Crypto Fear & Greed Index is at an extreme fear level of 32%, suggesting investors are sitting on the sidelines, waiting to see what’s next. Still, some view this as a dip worth buying into, while others fear more downside.
Yet, Strategy isn’t backing down. They’ve been relentless in their Bitcoin-buying strategy, and it looks like that won’t change anytime soon. With Saylor’s long-term vision still intact, investors will be watching closelywill this strategy lead to big gains, or will the market’s uncertainty catch up with them? Either way, Strategy’s commitment to stacking Bitcoin shows they believe in its future, no matter what.
This article first appeared on GuruFocus.
