Overview

• Between June 9 and June 15, Strategy Inc. purchased 10,100 Bitcoins at a cost of approximately $1.05 billion, raising its total to 592,100 BTC valued at about $63.3 billion.
• The acquisition was funded primarily by proceeds from the STRD issuance and shares sold under its at-the-market program.
• Chairman Michael Saylor has reiterated the firm’s commitment to indefinitely holding Bitcoin as a treasury reserve asset.
• Veteran short seller Jim Chanos has warned that the premium on MSTR stock relative to its Bitcoin backing may be unsustainable and has positioned an arbitrage trade accordingly.
• Since August 2020, Strategy’s stock has surged roughly 3,000%, far outpacing the S&P 500 and inspiring other firms to adopt similar Bitcoin reserve strategies.