Advertisement
Saylor’s Strategy Buys Over $800M in Bitcoin as TD Cowen Reaffirms Massive Upside
- Strategy executive chairman Michael Saylor announced a massive $830 million Bitcoin purchase.
- The new purchase was made at an average price of around $100K per coin, lifting Strategy’s total holdings to 649,870 BTC, valued at nearly $62 billion.
- The large acquisition affirms Strategy’s long-term bet on Bitcoin, which analysts project could reach 815,000 BTC by 2027, despite the recent price drop to around $92K.
Michael Saylor has done it again, and this time he has shut down for good the rumours that Strategy sold its Bitcoin (BTC) stash amid a severe market correction.
Instead, the executive chairman announced a massive US$830 million purchase in Bitcoin (AU$1.25 billion) after several weeks of smaller buys below US$100 million (AU$150 million).
Last week, the firm made a modest US$50 million (AU$77 million) Bitcoin purchase, following a series of smaller acquisitions at the end of October.
Read more: Japan Moves to Regulate Crypto as Financial Products in Major FSA Overhaul
Strategy Gearing Up With Bigger Purchases
The purchase was made at an average price of around US$100K (AU$153K) per coin for the first time since early May, lifting the company’s holdings to 649,870 BTC.
The announcement followed a post from executive chairman Michael Saylor on X, who teased a “₿ig Week” for purchases. It also came on the heels of false rumors by Walter Bloomberg that Strategy had begun selling Bitcoin.
The large on-chain transfers were, in reality, a migration between wallets. Additionally, blockchain analysts later confirmed the movements were consistent with internal wallet reorganisation, a pattern seen from the company before.
Saylor likewise rejected the speculation, saying the rumours are not true. He later posted an AI-generated image of himself in the ocean with the Titanic sinking in the background.
Even after Bitcoin’s recent pullback, that stash is valued at nearly US$62 billion (AU$92 billion). BTC is currently trading at US$92K (AU$141K), a 14% decrease in the last 30 days, as per CoinMarketCap.
Can Strategy Reach 815K BTC By 2028?
Similarly, analyst TD Cowen said Strategy’s share price falling below a market net asset value (mNAV) of 1, meaning the stock trades at a discount to the value of its Bitcoin, and Bitcoin’s drop to seven-month lows had not altered the firm’s long-term outlook.
Advertisement
In a note to clients, TD Cowen said the recent slide in both Bitcoin and Strategy’s share price, which is trading below the market value of its BTC, had not changed its constructive stance. The bank kept a US$585 (AU$877.5) price target on MSTR, versus roughly US$194 (AU$291) currently, and framed the stock as a leveraged, long-term bet on Bitcoin.
Cowen models Strategy holding roughly 815,000 BTC by the end of 2027, implying more than US$185 billion (AU$277.5 billion) in Bitcoin under its base-case assumptions.
Related: Decoding the Crowd: AI Agents in Prediction Markets
Author
José Oramas
José is a journalist and translator with a keen interest in blockchain and cryptocurrencies.
