Connect with us
DAPA Banner

Crypto World

Michael Saylor’s Strategy buys 1,142 Bitcoin

Published

on

Michael Saylor’s Strategy buys 1,142 Bitcoin

Michael Saylor continued his dollar-cost averaging last week, even as Bitcoin tumbled to its lowest level since 2024 and losses soared.

Summary

  • Strategy continued its Bitcoin accumulation as its unrealized losses rose. 
  • The company bought 1,142 coins last week, bringing its total holdings to 714,644.
  • Wall Street analysts are highly bullish on the MSTR stock.

Strategy continues Bitcoin accumulation

In a statement, Saylor said that his company bought 1,142 Bitcoin (BTC) at the average price of $78,815. This purchase brought its total Bitcoin holdings to 714,644 valued at over $49 billion.

Data compiled by Bitcoin Treasuries shows that its average cost per Bitcoin stood at over $76,052. With the Bitcoin price trading at $69,000, it has suffered a nearly 10% loss. More data shows that it has suffered a $5 billion in unrealized losses. 

Advertisement

In a report last week, the company said that its operating loss rose to over $17.4 billion as the Bitcoin price plunged. Its net loss soared to $12.4 billion, a trend that may persist if BTC remains in a downtrend. 

Worse, Strategy continues to dilute its shareholders by using its common stock to buy Bitcoin. Data show it has more than $7.9 billion in authorized shares to buy. 

It also has over $20 billion in available STRK preferred shares. As a result, the total outstanding shares jumped to over 300 million, up from 77 million in 2021.

Advertisement

Wall Street analysts are optimistic of MSTR stock

Still, Wall Street analysts are starting to turn bullish on the Strategy stock, citing the potential BTC rebound. Cantor Fitzgerald analyst maintained an overweight rating with a target of $192.

BTIG analysts have a target of $250, while Canaccord Genuity, Mizuho, and Truist Financial see it soaring to $185, $403, and $268. Data compiled by MarketBeat shows that the consensus target among Wall Street analysts is $347, up by 176% from the current level.

MSTR’s stock recovery will depend on Bitcoin’s rebound. A strong Bitcoin rally will lead to a higher stock price, as it happened on Friday. Strategy jumped by nearly 30% as Bitcoin moved from $60,000 to over $70,000.

Advertisement

Source link

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

CFTC Chair Says Agency is Ready to Oversee Entire Crypto Market

Published

on

CFTC Chair Says Agency is Ready to Oversee Entire Crypto Market

Michael Selig, US President Donald Trump’s nominee leading the Commodity Futures Trading Commission (CFTC), said the agency was prepared to oversee the entire $3 trillion crypto industry, with no timeline for Congress to pass a crucial market structure bill.

In a Wednesday statement about his first 100 days as CFTC chair, Selig said that the commission was “ready to take responsibility” for the crypto market and reiterated his claim that it was the sole regulator to oversee prediction markets.

His comments come as the US Senate considers the CLARITY Act, a crypto market structure bill that has been effectively stalled in committee amid discussions over stablecoin yield and other issues.

“The same regulatory clarity being delivered to the crypto industry is being developed for prediction markets, which can serve as powerful tools for information discovery and are regulated by the CFTC under the Commodity Exchange Act,” said Selig.

Advertisement

Under Selig, who was confirmed by the Senate in December, the CFTC has adopted many policies signaling that the agency would soften its enforcement and regulation of digital assets compared to previous administrations. In March, the agency announced a memorandum of understanding with the Securities and Exchange Commission (SEC) as part of efforts to coordinate on regulation, including digital assets.

Related: Crypto exchange KuCoin agrees to $500K settlement, ending CFTC case

Although early drafts of the market structure bill suggested the legislation could give the CFTC additional authority to oversee digital assets, the SEC is expected to continue regulating cryptocurrencies it considers to be securities.

Advertisement

Lawmakers pressing CFTC on insider trading claims over prediction markets

US state authorities and federal lawmakers have been targeting prediction market platforms like Kalshi and Polymarket over alleged violations of gaming laws and claims of politicians using insider information to profit.

While many of the state-level actions continue to be litigated in court, Selig has claimed that the CFTC has “exclusive jurisdiction” over prediction markets and threatened legal action against any challenges to its authority.

In a Tuesday event, CFTC enforcement director David Miller said that the agency’s position was that event contracts on prediction markets were not “gaming” but rather “swaps” that fall under its purview.

Advertisement

Some lawmakers have also proposed legislation to ban elected officials with insider information from profiting from event contracts after suspicious trades on military actions involving Iran and Venezuela.

Magazine: A newbie’s guide to surviving crypto winter