Strategy Plans to Raise $30 Billion for Bitcoin
Prefer us on GoogleThe world's largest institutional Bitcoin holder, Strategy, has announced plans to make new Bitcoin purchases. The company's chairman, Michael Saylor, stated that they could raise up to $30 billion even if there is no increase in Bitcoin prices and no additional common stock is issued. Saylor expressed that this financing could be achieved through preferred stock issuances and other methods. Strategy's CEO, Phong Le, mentioned that preferred stock issuance would be the primary tool for financing Bitcoin purchases. The company reported a net profit of approximately $19.53 billion in the third quarter and gained about $20.91 billion from the revaluation of digital assets, including Bitcoin. As of October 25, Strategy's Bitcoin holdings increased by 26% year-to-date, reaching 848,517 BTC. Additionally, spot Bitcoin ETFs in the U.S. continued to attract funds, with a total net inflow of $17.07 million recorded on October 29. The highest inflow of the day was $12.8 million for BlackRock's IBIT fund. The outflows from Ethereum funds during the same period indicate a divergence in ETF demand for the two assets. The scale of Strategy's Bitcoin purchases will depend on the financing it can secure.
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