Strategy co-founder Michael Saylor once again posted the company's BTC purchase chart, a signal that the company will buy more BTC the following day .
Saylor's X post follows Strategy's announcement of a $1 billion stock offering to buy more Bitcoin, quadrupling its previously announced $250 million raise . The company said it will use the proceeds to fund additional Bitcoin purchases and general corporate expenses . The offering involves 11.76 million shares of its 10.00% Series A Perpetual Stride Preferred Stock priced at $85 per share . Strategy expects to raise about $979 million after expenses from underwriting and other dues are deducted . Unlike its past funding methods, the preferred stock offers non-cumulative dividends of 10% .
If Strategy follows up the post with another BTC buy, it will mark the ninth week of consecutive Bitcoin purchases from the company . The post comes shortly after the company purchased an additional 705 BTC between May 26 and June 1 for around $75 million at an average price of $106,495 per coin, bringing the company's total Bitcoin holdings to 580,955 BTC, currently valued at approximately $61.4 billion . Data from SaylorTracker shows that the company is up approximately 50% on its investment, amounting to around $20.6 billion in unrealized profit .
Strategy has adopted Bitcoin as its primary reserve asset . The company holds over 580K BTC (currently valued at over $63.52 billion) at an average cost basis of just over $69K per BTC held . The company has essentially converted itself into a Bitcoin investment vehicle while still operating its legacy enterprise software business on the side .
Michael Saylor is a bitcoin advocate . Saylor believes that Bitcoin will displace gold as a non-governmental store of value . Saylor has said that "capital preservation" is Bitcoin's utility and compares buying it to buying a home in a city everyone wants to move to . According to Saylor, bitcoin is "the apex property of the human race" .