Saylor Unloads $104M in Bitcoin to Fund STRC Security
Michael Saylor, CEO of Strategy Inc., has sold $104 million worth of Bitcoin to help finance STRC, a variable-rate perpetual preferred stock linked to Bitcoin purchases. This move aligns with Strategy's revised financing strategy, which integrates Bitcoin sales with capital-market activities.
As previously reported by Strategy, the company had shifted from holding onto its Bitcoin indefinitely to using it to support capital-market activities. The STRC security allows Strategy to gather capital for additional Bitcoin acquisitions and is linked to the price of Bitcoin.
The sale may raise concerns about STRC's ability to reach its target price of $100 by the end of the year, as market pricing suggests a 43.5% probability of hitting this target by December 31.