Michael Saylor Teases Next Bitcoin Buy Strategy co-founder and executive chairman Michael Saylor teased another Bitcoin buy with a cryptic X tweet, continuing the company’s relentless Bitcoin buying.
Saylor posted “Send more Orange” on June 8 alongside a graph of Strategy’s current Bitcoin holdings. While brief, it follows previous patterns, where identical tweets were preceded rapidly by official announcements of new Bitcoin buys.
If accurate, this would be the ninth consecutive week the firm has added a purchase of Bitcoin to its coffers.
New Purchase Adds 705 BTC
Just last week Strategy announced the May 26-to-June 1 purchase of 705 BTC at a cost of $75 million, or an average of $106,495 per coin. This raised the firm’s Bitcoin holdings to a shocking 580,955 BTC—equivalent to approximately $61.4 billion.
According to SaylorTracker’s figures, the company’s unrealized gains under its Bitcoin plan amount to about $20.6 billion, a return on investment of 50%.
$1B Stock Offering to Finance Bitcoin Acquisitions
Saylor’s tweet came after Strategy doubled its previously announced offer to sell stock for $250 million to $1 billion.
The new offering includes 11.76 million of its 10.00% Series A Perpetual Stride Preferred Stock at $85 a share. The firm hopes to raise some $979 million after paying underwriting commissions, which will be used for further Bitcoin purchases and general corporate needs.
This is a shift in funding strategy. Contrary to previous debt raises, the preferred stock pays a 10% non-cumulative dividend, with a view to appeal to yield-seeking institutional investors.
Largest Corporate Bitcoin Owner
Through information available from Bitcoin Treasuries, Strategy is the largest known corporate owner of Bitcoin—owning more than China and the United States combined.
Its closest corporate competitor, Mara Holdings, owns close to 12 times less. With its Bitcoin strategy, Strategy is widely regarded by many investors as a publicly traded proxy for exposure to Bitcoin.
While Saylor keeps pushing for Bitcoin as a corporate reserve asset, everyone waits with bated breath for the company’s next step—and the potential addition of additional orange coins to its expanding treasury.
