- Strategy Chairman Michael Saylor hinted at a Bitcoin purchase, writing “The Second Century Begins” on X.
- Strategy currently holds 720,737 BTC worth about $48.5 billion.
- Bitcoin traded at $67,124, while Strategy’s stock closed at $133.53 Friday and slipped slightly in after-hours trading.
Michael Saylor, the Executive Chairman of Strategy (MSTR), has indicated that the company will buy more Bitcoin on Sunday.
Saylor posted on X, "The Second Century Begins," along with a chart showing how much Bitcoin the company has accumulated.
The chart showed that Strategy currently has 720,737 BTC. As of Sunday, the company's Bitcoin reserve was worth about $48.54 billion.
The company has made 101 purchases, and the average price it paid for each Bitcoin was about $75,985. According to the chart, the company's Bitcoin holdings are currently down about 11.37%, or about $6.22 billion, compared to the average purchase price.
Bitcoin (BTC) was trading at $67,124, down by 1.2% over 24 hours. On Stocktwits, the retail sentiment around BTC remained in the ‘bullish’ territory, as chatter levels around it remained ‘low’ over the past day.
Strategy (MSTR) was trading at $132.83, down by 0.53% during after-hours trading. The stock closed at $133.53 on Friday. The retail sentiment around MSTR remained in the ‘bullish’ category, as chatter levels around it remained ‘low’ over the past day.
Only last week, it purchased 101 BTC at an average cost of $67,700, and raised around $237 million through selling nearly $230 million of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) shares.
On Stocktwits, retail sentiment around STRC remained in the 'bullish' zone, as chatter levels around it improved from 'normal' to 'high' over the past day.
How Does Strategy Buy Its Bitcoin?
Using a combination of operating cash flow, stock offerings, and debt instruments such as convertible bonds, Strategy raises capital. The money raised is then used to buy Bitcoin and add it to its corporate treasury. The strategy is predicated on the idea, often expressed by Michael Saylor, that Bitcoin is preferable to holding conventional fiat reserves because it serves as a long-term store of value and a hedge against currency depreciation.
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