Oil, Inflation, and Fed Risk. Why MicroStrategy Still Wants More Bitcoin Now?

Michael Saylor signaled on Sunday that Strategy, formerly MicroStrategy, might announce another Bitcoin purchase on Monday, posting a Bitcoin-buying chart that suggested room for more. The company’s 848,517 bitcoin had a Sunday chart value near $66 billion, compared with $64 billion spent to acquire them, and its unrealized gain had narrowed. October purchases of 334, 250 and 267 bitcoin over three weeks were followed by a pause, during which Strategy spent $204.9 million repurchasing STRC, its dividend-paying preferred stock; it also sold 5,552 bitcoin in the third quarter to help pay preferred dividends and finance buybacks. Strategy frequently funds bitcoin purchases by issuing new MSTR shares, a practice that can dilute shareholders; its bitcoin-per-diluted-share measure declined 3.7% this year.