Strategy owning 3–7% of Bitcoin supply is not too much – Michael Saylor
Main Idea
MicroStrategy's chairman Michael Saylor defends the firm's aggressive Bitcoin acquisitions, aiming to own 3-7% of BTC supply, while the company reports a profitable Q2 and plans to use preferred stock offerings for further BTC purchases.
Key Points
1. MicroStrategy holds 628,791 BTC (3% of supply) and aims for up to 1.47M BTC (7%).
2. The firm reported a $10B net income in Q2, its first profitable quarter after losses, with BTC holdings gaining $13.2B YTD.
3. MicroStrategy will use preferred perpetual stocks (e.g., Stretch, Strike) to fund BTC purchases, avoiding common stock dilution when mNAV is below 2.5x.
4. Saylor views MSTR as undervalued, comparing it to 'amplified BTC' exposure, while analysts like VanEck praise its treasury strategy.
5. At press time, MSTR stock was down 8.7%, while BTC dropped 2% on August 1st.
Description
Strategy to double down on preferred stock offerings for more BTC buys.
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