Just when you think Michael Saylor can’t surprise the market any more, he just buys more bitcoins. This time, Strategy acquired 3,015 BTC for approximately USD 204.1 million, paying an average of USD 67,700 per coin. The transactions were completed between February 23 and March 1, which Saylor – as is his custom – preceded with a cryptic tweet with an update to the purchase tracker and an enigmatic comment: “The Turn of the Century.”
Subtlety is not his strong point… and that’s a good thing, because as one of the most media proponents of BTC, he definitely attracts attention.
Strategy and numbers that are impressive
Moreover, 720,737 BTC is already over 3.4% of the total target bitcoin supply of 21 million coins. Strategy literally HODLs the story.
Where does money come from?
The latest purchases were financed by the sale of Class A stock (MSTR) and preferred stock of STRC. Last week, the company sold more than 1.73 million MSTR shares for approximately $229.9 million – in a program that still has $7.6 billion available for issuance. In addition, there were 71,590 STRC shares for approximately USD 7.1 million.
Strategy is systematically implementing its “42/42” plan – an ambitious program to raise a total of USD 84 billion through the issuance of shares and convertible bonds, intended exclusively for the purchase of BTC by 2027. In addition, there are ATM programs for STRK ($21 billion), STRC ($4.2 billion), STRF ($2.1 billion) and STRD ($4.2 billion), each of which has a different risk profile and dividend structure.
Is the market buying it?
Benchmark analysts definitely confirmed a “buy” rating for MSTR with a target price of USD 705, which implies approximately 444% growth potential. They emphasized the growing role of STRC shares as a driver of financing subsequent BTC purchases.
Strategy does not build a position in Bitcoin. Strategy is building a new company model in which BTC is the reserve currency and each financial instrument serves one purpose – purchasing subsequent coins. Anyone who says this is crazy should check how much BTC Strategy and Saylor already have in their account.
