Strategy, the company formerly known as MicroStrategy, has bought another 13390 Bitcoin (BTC) for about $134 billion
Despite a recent acquisition of 13,390 Bitcoin (BTC) by Strategy, the company formerly known as MicroStrategy, for about $1.34 billion — as revealed in a filing with the U.S. Securities and Exchange Commission (SEC) on Thursday — popular economist Peter Schiff had some critical remarks on the move.
The purchase took place between May 5 and 11 at an average price of $99,856 per BTC. Its Class A ordinary stock and Series STRK preferred shares were sold to raise the funds for the acquisition. Strategy sold 3,222,875 shares of MSTR to raise around $1.31 billion. Additionally, it raised about $25.1 million by selling 273,987 shares of STRK.
This adds to Strategy’s growing Bitcoin pile, which now totals 568,840 BTC. At the current BTC price of about $104,000, the company’s total holdings are worth over $59 billion. Strategy’s average purchase price across all its Bitcoin is now $69,287, including fees and other costs. The company has spent around $39.4 billion in total to build its position. That means Strategy is sitting on roughly $20 billion in paper profits.
However, Schiff wasn’t impressed, saying that Strategy’s next Bitcoin purchase will likely push its average cost above $70,000, just as the market could be heading lower. In the post on X, he added, “The next leg down in Bitcoin will likely push the market price below your average cost. Not good considering how much you borrowed to buy the Bitcoin. When you sell, small paper losses will become huge real losses.”
This isn’t the first time Schiff has come up with criticism. In April, he slammed Bitcoin as a fraud and called Strategy’s BTC-heavy approach reckless, warning that the company is likely heading for bankruptcy.
Strategy co-founder and executive chairman Michael Saylor shared a post on Sunday hinting at the new purchase, writing, “Connect the dots.” The filing also notes that Strategy has bought 303,230 BTC in just the past six months. That’s nearly half of its total stash. The company holds more than 2.7% of the entire 21 million bitcoin supply.
Earlier this month, Strategy revealed a $4.2 billion net loss for the first quarter of 2025. That loss was mainly due to $6 billion in unrealized Bitcoin losses under new fair value accounting rules.
Also Read: Michael Saylor’s Strategy Sees $20B in Unrealized Bitcoin Gains
