Michael Saylor's Latest Bitcoin Move: Smallest Purchase in 10 Weeks Sparks Crypto Insights

MicroStrategy Continues Bitcoin Buying Spree, Raising Funds Through Preferred Stock Sale

MicroStrategy has announced the purchase of an additional $75 million worth of Bitcoin, according to a Securities and Exchange Commission filing. The Tysons, Virginia-based firm now owns approximately 581,000 Bitcoin, worth $60.4 billion based on current prices.

The recent Bitcoin acquisition represents MicroStrategy's smallest purchase since mid-March, when the company bought $10 million worth of the cryptocurrency. This latest purchase was funded by the sale of two types of preferred stock: MicroStrategy's perpetual strike preferred stock (STRK) and perpetual strife preferred stock (STRF).

MicroStrategy's announcement follows a high-profile week for the company, during which its co-founder and Executive Chairman, Michael Saylor, promoted Bitcoin in front of thousands of attendees at BTC Inc.'s annual conference in Las Vegas. In his keynote speech, Saylor emphasized that Bitcoin is not just for corporations but can be used by anyone to preserve wealth.

Despite the recent Bitcoin purchase, MicroStrategy's stock price fell slightly when markets opened in the U.S. on Monday, edging down 0.34% to around $367.75. However, the company's shares remain up 26% year-to-date, outpacing Bitcoin's climb, though they have declined 7% over the past month.

The Bitcoin conference in Las Vegas highlighted the growing trend of companies using corporate debt to acquire Bitcoin. Firms like Japanese investment firm Metaplanet and Strive Asset Management, co-founded by former Republican presidential candidate Vivek Ramaswamy, were among the attendees exploring this strategy.

Metaplanet announced on Thursday that it would sell bonds to buy more Bitcoin, continuing its plan to build one of the world's largest corporate Bitcoin holdings. This approach allows companies to acquire Bitcoin without depleting their cash reserves.

Key Takeaways

• MicroStrategy purchased an additional $75 million worth of Bitcoin.
• The company now holds approximately 581,000 Bitcoin, valued at $60.4 billion.
• The acquisition was funded through the sale of preferred stock.
• Michael Saylor promoted Bitcoin's accessibility at a major industry conference.
• Companies are increasingly using corporate debt to acquire Bitcoin.
• Metaplanet and other firms are adopting similar Bitcoin accumulation strategies.