Michael Saylor re-starts Bitcoin buying spree after MicroStrategy rebrand

Michael Saylor won’t beryllium stopped. “Borrow billions, bargain Bitcoin,” arsenic he’s enactment it before.

Less than a week aft announcing a rebrand of his Bitcoin-hoovering steadfast MicroStrategy to simply Strategy, it’s backmost buying up much of the asset.

In an announcement connected X, Saylor said Strategy precocious acquired 7,633 Bitcoin, astatine a outgo of astir $97,255 per token, totaling $742 million.

The firm’s holdings person reached 478,740 Bitcoin astatine a outgo of astir $65,000 per token, which it archetypal began acquiring successful 2020.

To wage for portion of that purchase, the institution recently raised astir $563 cardinal by issuing a caller signifier of stock. “We’ll look astatine issuing preferred shares — things that are, successful essence, a swap,” Saylor explained successful October, per Bloomberg.

The institution past touted a Bitcoin acquisition connected January 27, purchasing 10,107 tokens astatine a outgo of $105,596 per.

The institution antecedently announced plans to rise $2 cardinal from income of preferred banal arsenic portion of its ambitious “21/21” proposal. The plan, a notation to Bitcoin’s capped issuance of 21 cardinal tokens, revolves astir Strategy’s program to rise $21 cardinal from equity and $21 cardinal from fixed income instruments implicit the adjacent 3 years, totaling $42 billion. With the funds they program to – what other – “acquire much Bitcoin.”

Last week’s rebrand enactment paid to the conception of MicroStrategy inactive being an endeavor bundle institution – Saylor had his archetypal successes successful the ‘90s, processing concern quality bundle for places similar McDonald’s – with a agleam orangish logo that matches the Bitcoin motif.

It present refers to itself arsenic “the world’s archetypal and largest Bitcoin Treasury Company,” explaining that by “using proceeds from equity and indebtedness financings, arsenic good arsenic currency flows from our operations, we strategically accumulate Bitcoin and advocator for its relation arsenic integer capital.”

The company’s financials tell the aforesaid story. It raises currency done indebtedness and banal issuances, and past twelvemonth generated its lowest gross from the endeavor bundle segment.

President and CEO Phong Le said earlier this period that Strategy is up of docket successful completing $20 cardinal of its $42 cardinal superior plan.