Michael Saylor anticipates a new Bitcoin purchase following a $1 billion stock offering
Michael Saylor, co-founder and executive chairman of Strategy, published a chart of the company's Bitcoin holdings on June 8, pointing to a possible upcoming acquisition.
On June 8, Saylor posted "Send More Orange" on X. Saylor's cryptic posts are often followed by announcements of new Bitcoin (BTC) purchases. If Strategy accompanies the post with another BTC purchase, it will mark the ninth consecutive week of Bitcoin purchases by the company.
The post comes shortly after the company bought 705 additional BTC between May 26 and June 1 for about $75 million at an average price of $106,495 per coin, raising the company's total Bitcoin holdings to 580,955 BTC, currently valued at approximately $61.4 billion.
Data from SaylorTracker shows that the company has a profit of approximately 50% on its investment, which equates to around $20.6 billion in unrealized gains.
Strategy offers $1 billion in stock to buy more Bitcoin
Saylor's post on X follows the announcement of a $1 billion stock offering, quadrupling its previously announced increase of $250 million. The company said it will use the proceeds to finance additional Bitcoin purchases and general corporate expenses.
The offering includes 11.76 million shares of its Series A Preferred Stock at 10.00% with a price of $85 per share. Strategy expects to raise approximately $979 million after deducting underwriting expenses and other charges.
Unlike its previous funding methods, the preferred stock offers non-cumulative dividends of 10%. This attracts institutional and professional investors looking for yield.
