Strategy Buys 535 Bitcoin, Saylor Raps About 'Equity ATM'
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- Strategy bought 535 bitcoin for $43 million during the week ended May 10 at an average of $80,340 per coin — the highest average price the company has paid since the week ended Feb. 2 ($87,974).
- Michael Saylor posted a rap video on X on Sunday singing about using the equity market as an ATM "with pride" to fund bitcoin purchases and wanting to "rip your wings off" short sellers.
- Saylor appeared to reverse his February vow that the company "we're not going to be selling" bitcoin, saying this week Strategy would "probably sell some bitcoin to fund a dividend" if needed — though he later claimed those comments were aimed at making short sellers lose money.
- Strategy funded the latest $43 million in purchases by selling 231,324 common shares to the public plus a small preferred-stock tranche, a dilutive move investors typically dislike but have tolerated because it expands their bitcoin exposure.
- MSTR rose 4.5% on Monday to its highest close since Jan. 30, up 81.1% since the Feb. 5 low but still trading 59% below the Nov. 20, 2024 record close of $473.83.
- The company reported a steep first-quarter loss tied to the drop in its bitcoin holdings' value, yet resumed buying after just a one-week pause — only the second time in 2026 it went a week without purchasing.
Why it matters: Strategy paid its highest per-coin average ($80,340) in three months for a $43M top-up — a meaningful bet near recent highs that the company's 231,324-share dilution trade remains the funding model, and one the market validated with a 4.5% MSTR rally to the highest close since late January.
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