Michael Saylor’s company, Strategy (formerly MicroStrategy), is going big on Bitcoin. They’ve just announced a massive plan to buy up to $84 billion worth of BTC.
A Huge Bitcoin Buying Spree
That’s double their previous target of $42 billion. Saylor revealed the news on X (formerly Twitter), stating that the plan involves raising $42 billion in equity and another $42 billion through fixed income investments, all to fuel their Bitcoin purchases.
The company already owns a significant chunk of Bitcoin – over 553,000 BTC, worth around $53 billion, representing more than 2.6% of all Bitcoin in existence. They’ve been aggressively buying Bitcoin recently, including a massive $1.42 billion purchase in late April.
A Risky Gamble?
Strategy’s ambitious plan isn’t without its critics. Some, like veteran crypto trader “The Flow Horse,” express concern about the concentration of risk. He points out that this could be the largest concentrated bet on a single asset by a private company.
The Current Market
At the time of writing, Bitcoin is trading around $96,179, slightly down for the day.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Do your own research before investing in any cryptocurrency.
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