Michael Saylor Unveils Ambitious Bitcoin Purchase Amidst $1 Billion Stock Offering Initiative

Co-founder and executive chairman Michael Saylor from Strategy shared a chart detailing the company’s Bitcoin assets on June 8, hinting at a potential forthcoming acquisition.

On June 8, Saylor shared “Send more Orange” on X. Saylor’s enigmatic posts are frequently succeeded by announcements of new Bitcoin (BTC) acquisitions. Should Strategy follow this post with another BTC purchase, it would represent the ninth consecutive week of Bitcoin acquisitions by the company.

This post arrives shortly after the company acquired an additional 705 BTC between May 26 and June 1 for roughly $75 million at an average cost of $106,495 per coin, elevating the company’s total Bitcoin assets to 580,955 BTC, currently valued at about $61.4 billion.

Information from SaylorTracker indicates that the firm has increased its investment by around 50%, with unrealized profits nearing $20.6 billion.

Strategy proposes $1 billion in shares to acquire more Bitcoin

Saylor’s post on X follows Strategy’s announcement of a $1 billion stock issuance, increasing its earlier stated $250 million raise fourfold. The company indicated it will utilize the funds for further Bitcoin purchases and general corporate expenditures.

This offering consists of 11.76 million shares of its 10.00% Series A Perpetual Stride Preferred Stock, priced at $85 per share. Strategy anticipates raising close to $979 million post-expenses after accounting for underwriting and other costs.

In contrast to its previous funding strategies, the preferred shares will provide non-cumulative dividends of 10%. This is appealing to institutional and professional investors seeking yield. The aim is to deliver more reliable returns to investors as the company continuously advances its aggressive Bitcoin accumulation strategy.