Michael Saylor's Latest Bitcoin Acquisition: Strategy's $21 Billion Push
Michael Saylor, the Executive Chairman of Strategy (formerly MicroStrategy), continues to solidify his position as the world's largest corporate holder of Bitcoin. In a bold move, Strategy announced a $21 billion at-the-market (ATM) stock offering, mirroring a previous $21 billion shelf registration. This strategic decision aims to raise capital for further Bitcoin acquisitions, underscoring Saylor's unwavering commitment to the cryptocurrency .
As of the latest reports, Strategy holds approximately 553,555 BTC, representing about 2.64% of Bitcoin's total supply, with a market value exceeding $53 billion. The company's stock has experienced a remarkable surge, increasing over 26 times since its pivot to Bitcoin in 2020, despite a 41% gain from its Bitcoin holdings. This growth is heavily reliant on Bitcoin's high valuation and the market's favorable perception of Strategy's stock .
Saylor's approach involves leveraging high investor demand and inflated stock valuations to issue more equity and purchase additional Bitcoin. This strategy has transformed Strategy from a traditional enterprise software firm into a crypto-focused entity. However, critics have likened the company to a leveraged Bitcoin ETF, highlighting potential risks if Bitcoin's price declines and Strategy faces future bond redemptions with limited cash reserves.