Michael Saylor Signals New Bitcoin Buy as Strategy Launches $1B Stock Offering

Strategy co-founder and executive chairman Michael Saylor posted a chart of the company’s Bitcoin holdings on June 8, signaling 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 follows up the post with another BTC buy, it will mark the ninth week of consecutive Bitcoin purchases from the company. 

The post comes shortly after the company purchased an additional 705 BTC between May 26 and June 1 for around $75 million at an average price of $106,495 per coin, bringing the company’s total Bitcoin holdings to 580,955 BTC, currently valued at approximately $61.4 billion.

Data from SaylorTracker shows that the company is up approximately 50% on its investment, amounting to around $20.6 billion in unrealized profit. 

Strategy offers $1 billion in stocks to buy more Bitcoin

Saylor’s X post follows Strategy’s announcement of a $1 billion stock offering, quadrupling its previously announced $250 million raise. The company said it will use the proceeds to fund additional Bitcoin purchases and general corporate expenses.

The offering involves 11.76 million shares of its 10.00% Series A Perpetual Stride Preferred Stock priced at $85 per share. Strategy expects to raise about $979 million after expenses from underwriting and other dues are deducted. 

Unlike its past funding methods, the preferred stock offers non-cumulative dividends of 10%. This appeals to institutional and professional investors who are after yield. It aims to offer more predictable investor returns while the company continues to pursue its aggressive Bitcoin accumulation strategy.