Strategy Just Made a Major Bitcoin Buy After Selling For the First Time Since 2022. What Does It Mean for Bitcoin Investors?
Key Points
Strategy sold Bitcoin for the first time since 2022 in late May.
But it offset that sale with a huge $101 million purchase in early June.
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Strategy (NASDAQ: MSTR), formerly known as MicroStrategy, was once a slow-growth software company. But in 2020, its co-founder and executive chairman, Michael Saylor, directed the company to start hoarding Bitcoin (CRYPTO: BTC). Today, it's the world's largest corporate holder of Bitcoin.
Saylor has repeatedly told investors to "never sell" their Bitcoin, and he boldly predicted its price would surge to $21 million by 2046. Strategy has only sold Bitcoin twice: 704 Bitcoins for $11.8 million in Dec. 2022, and another 32 Bitcoins for $2.5 million in May 2026. It still holds 845,256 Bitcoins, or 4% of all the Bitcoins that will ever be produced, which are worth $53.8 billion today.
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Strategy's recent sale rattled Bitcoin's investors, but it was to raise more cash to fund its preferred stock dividend payments. In early June, Strategy bought another 1,550 Bitcoins for $101.3 million at an average price of $65,332. It funded those purchases by selling $181 million in stock. Does that big purchase suggest Bitcoin is bottoming out?
Why is Strategy so bullish on Bitcoin?
Bitcoin is still mined with the energy-intensive proof-of-work (PoW) consensus mechanism. By solving cryptographic puzzles with powerful computer chips, miners receive Bitcoins as a reward. That difficulty increases every four years with scheduled "halvings" that cut its mining rewards in half. More than 20 million Bitcoins, from a maximum supply of 21 million Bitcoins, have already been mined. The last Bitcoin will be mined in 2140. That scarcity makes Bitcoin more comparable to gold, silver, and other hard assets.
Bitcoin Maximalists like Michael Saylor believe expansionary monetary policies will gradually devalue fiat currencies and drive up the prices of Bitcoin and other commodities. Since Bitcoin is easier to transfer than gold or silver, it could become a universal hedge against inflation.
What does Strategy's Bitcoin purchase mean for investors?
Strategy's latest Bitcoin purchase offsets its most recent sale, indicating the company remains fully committed to its "Bitcoin Treasury" strategy. However, Bitcoin could remain out of favor this year amid fears of rate hikes, which would strengthen the U.S. dollar while driving investors away from cryptocurrencies and other speculative investments.
If you're bullish on Bitcoin, Strategy's latest moves aren't that meaningful. For Strategy's investors, it merely means the company remains an all-in bet on Bitcoin -- and it will continue to sell its stock and take on more debt to fund its massive purchases.
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Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.
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