What happened?
On September 8, Michael Saylor’s company, Strategy, announced that it had purchased an additional 1,955 Bitcoin (BTC) for approximately $217.4 million. This purchase was conducted at an average price of $111,196 per bitcoin, demonstrating the company’s continued conviction in the long-term value of this asset, notwithstanding market volatility.
Who does this affect?
This development impacts Strategy as a company, its stakeholders, and potentially the wider Bitcoin market. The recent acquisitions were funded by proceeds from several ATM share offerings, such as STRF ATM, STRK ATM, and MSTR ATM. Over 750,000 shares were sold between September 2 and September 7, resulting in over $217 million in net proceeds.
Why does this matter?
The significance of this large-scale acquisition lies in its potential market impact. Michael Saylor, a vocal supporter of Bitcoin, has shown his confidence that Bitcoin’s price has more room to grow. As the largest corporate holder of Bitcoin, these bold purchases may suggest the expectation of new all-time highs in the near future, supported by ongoing institutional demand and dynamics of scarcity.