⚠️ Strategy bought 7,390 BTC for USD 765 million and received a class action lawsuit
🤑 Michael Saylor's company pocketed another 7,390 Bitcoin last week when prices rose above 100,000 dollars and also faced a class action lawsuit, according to the latest company filing with the SEC.
According to an announcement on May 19, Strategy acquired 7,390 BTC for approximately USD 764.9 million at an average price just below USD 103,500. Strategy reported a Bitcoin return of 16.3% so far this year.
😎 The CEO of Strategy, Michael Saylor, gave his usual hint about the purchase in a post on X on May 18.
Officials from Strategy are accused of "violations of Section 10(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Rule 10b-5 thereunder, and Section 20(a) of the Exchange Act." The filing states:
"The lawsuit alleges that the named defendants made false and/or misleading statements regarding and/or failed to disclose information regarding the anticipated profitability of our Bitcoin-focused investment strategy and treasury operations, and the various risks associated with Bitcoin volatility."
