Michael Saylor’s Strategy Makes Smallest Bitcoin Buy in 10 Weeks

Strategy, formerly MicroStrategy, said on Monday that it had recently purchased $75 million worth of Bitcoin, according to a Securities and Exchange Commission filing.

The Tysons, Virginia-based firm said that it now owns approximately 581,000 Bitcoin worth $60.4 billion based on current prices. Meanwhile, Strategy said that it sold $74 million worth of preferred stock through an at-the-money offering program.

Strategy’s announcement follows a high-profile week, in which the company’s co-founder and Executive Chairman Michael Saylor evangelized Bitcoin in front of thousands of people that attended BTC Inc.’s annual confab in Las Vegas, Nevada. That included the conference’s penultimate speech, in which he laid out his “21 Ways to Wealth.”

Strategy’s most recent Bitcoin acquisition represents its smallest purchase since mid-March, when the company bought $10 million worth of Bitcoin, according to Saylor Tracker. The most recent purchase was funded by the sale of two types of preferred stock: Strategy’s perpetual strike preferred stock, STRK, or Strategy’s perpetual strife preferred stock, or STRF.

Strategy’s stock price fell when markets opened in the U.S. on Monday, edging down 0.34% to around $367.75, according to Yahoo Finance. Although the company’s shares remain up 26% year-to-date, outpacing Bitcoin’s climb, Strategy shares have slid 7% over the past month.

Bitcoin was recently changing hands around $104,000, a 0.2% decrease over the past 24 hours, according to crypto data provider CoinGecko. Last month, the asset climbed to an all-time high of $111,000 before giving up those gains.

At the Bitcoin conference last week, companies like Strategy that buy more Bitcoin than they could otherwise by leveraging corporate debt appeared in vogue. Japanese investment firm Metaplanet and Strive Asset Management, a firm co-founded by former Republican presidential candidate Vivek Ramaswamy, were among several firms with representatives touring the floor.

During his final speech in Las Vegas, which drew thousands of onlookers, Saylor said that Bitcoin is far from only for corporations, and that it can be used by anyone to preserve their wealth.

​​“It’s for everyone,” Saylor said to thunderous applause. “Take your fiat currency, trade it for Bitcoin. Take your long-term capital, trade it for bitcoin. Sell your bonds, trade [them] for Bitcoin. Sell your inferior equity, sell your inferior real estate property, buy Bitcoin.”

Edited by James Rubin