Strategy rises as it announces plan to sell $2.1 billion of Strife stock to buy more bitcoin
Bitcoin stockpiler Strategy announced a $2.1 billion sale of its Series A Perpetual Strife Preferred Stock. The company, the largest corporate bitcoin holder, will use the proceeds of the at-the-market program to buy more bitcoin and for “working capital,” according to a press release.
Earlier this week, the company was hit with a class-action lawsuit alleging it “made false and/or misleading statements with respect to and/or failed to disclose information with respect to the anticipated profitability of our bitcoin-focused investment strategy and treasury operations.”
With its latest bitcoin acquisition on May 19, Strategy now holds 576,230 bitcoin. Shares were up 2% in early trading, but that may be due to the skyrocketing price of bitcoin itself, which continued to reach new highs overnight, hitting over $111,700 after breaking its previous all-time high yesterday.
As of 10:00 a.m. ET, bitcoin was hovering around $111,000 — not a bad way to celebrate the 15th anniversary of Bitcoin Pizza Day.
The recent rally has prompted several analysts to remain optimistic about bitcoin’s trajectory.
“My official forecasts for Bitcoin are 120k end Q2, 200k end 2025 and 500k end 2028. All are well in hand,” Geoff Kendrick, Standard Chartered Bank global head of digital assets research, wrote in a May 22 note.
Earlier this week, the company was hit with a class-action lawsuit alleging it “made false and/or misleading statements with respect to and/or failed to disclose information with respect to the anticipated profitability of our bitcoin-focused investment strategy and treasury operations.”
With its latest bitcoin acquisition on May 19, Strategy now holds 576,230 bitcoin. Shares were up 2% in early trading, but that may be due to the skyrocketing price of bitcoin itself, which continued to reach new highs overnight, hitting over $111,700 after breaking its previous all-time high yesterday.
As of 10:00 a.m. ET, bitcoin was hovering around $111,000 — not a bad way to celebrate the 15th anniversary of Bitcoin Pizza Day.
The recent rally has prompted several analysts to remain optimistic about bitcoin’s trajectory.
“My official forecasts for Bitcoin are 120k end Q2, 200k end 2025 and 500k end 2028. All are well in hand,” Geoff Kendrick, Standard Chartered Bank global head of digital assets research, wrote in a May 22 note.
