(Bloomberg) – Michael Saylor’s strategy last week took advantage of the large price movements of the company’s common stock to purchase $285.8 million in Bitcoin.
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The share price fluctuated from a weekly loss of up to 11% to an increase of around 25%, but former MicroStrategy Inc. said it sold its shares through a program in the market to fund its crypto purchases.
Hedge funds are basically betting on the volatility of the underlying stock in search of trading strategies that incorporate bond purchases and stock sales, thus driving some of the demand for a company’s convertible debt.
The purchase is the latest in a series of almost weekly cryptocurrency acquisitions since late October, rising to Tysons Corner, which holds Virginia’s digital assets at about $45 billion, or about 2.5% of the 21 million tokens to be issued. Strategy is Bitcoin’s biggest corporate owner.
According to a filing with the Securities and Exchange Commission on Monday, the strategy purchased 3,459 Bitcoin for around $82,618 at an average price from April 7th to April 13th.
Last week, the strategy said it would register an unrealized $5.9 billion loss in the first quarter after adopting accounting changes that require digital assets to be valued at market prices. In the first quarter, it spent $77.9 billion on Bitcoin, according to data compiled by Bloomberg. The strategy announced nine purchases in the first quarter.
The strategy was announced in October, and was expected to raise $42 billion in capital by 2027 to fund Bitcoin purchases using equity sales and bond securities in the market.
Strategic stocks have skyrocketed about 2,300% since Saylor began investing the company’s cash in Bitcoin as a hedge against inflation in 2020.
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