Oh, what a week for Strategy (formerly MicroStrategy)! They’ve just scooped up 7,390 BTC worth a cool $765 million. And no, this isn’t some shady backdoor deal – this is corporate-level Bitcoin buying, baby! 💰 But hold up… it’s not all sunshine and rainbows. Because, of course, the company’s now facing a class-action lawsuit. Why wouldn’t they? 🙄
So, here’s the lowdown: on May 19, Strategy announced that they’d acquired 7,390 BTC for a neat $764.9 million, averaging around $103,500 per coin. Talk about a risky move! The company’s Bitcoin stash has yielded a solid 16.3% gain this year. Pretty decent, right? But that’s not the punchline. As of May 18, Strategy holds a jaw-dropping 576,230 BTC, valued at around $40.18 billion, with an unrealized gain of $19.2 billion. Not bad for a digital gold rush! 💸
Oh, and did we mention that Bitcoin’s riding high at $102,615? Up 20.3% in just the last month! 🚀 Yeah, that’s a nice little cherry on top of their already swollen portfolio.
But Wait, There’s More Drama!
So, as if buying $765M worth of Bitcoin wasn’t enough of a power move, Strategy’s executives are now tangled up in a class-action lawsuit. Fun, right? 😅 The lawsuit was filed in the US District Court for the Eastern District of Virginia, targeting none other than the big dogs: Michael Saylor (the executive chairman), Phong Le (CEO), and Andrew Kang (CFO). The lawsuit’s accusing them of, you guessed it, making some pretty misleading statements about their Bitcoin strategy and the risks involved. Spoiler: it’s about to get messy.
“The [suit claims] that the named defendants made false and/or misleading statements with respect to and/or failed to disclose information with respect to the anticipated profitability of our Bitcoin-focused investment strategy and treasury operations, and the various risks associated with bitcoin’s volatility.”
Strategy’s Influence Spreads Like Wildfire
In case you thought Strategy was done here, think again. The company’s Bitcoin treasury strategy has inspired other businesses to jump on the bandwagon. Last week, luxury watchmaker Top Win announced they’d be getting in on the Bitcoin action, with shares soaring more than 60% in premarket trading. Why? Because they’re now adopting a Bitcoin accumulation strategy and changing their name to AsiaStrategy. 🕰️💎
But wait, there’s more! AsiaStrategy is partnering with Sora Ventures (those Bitcoin pros who helped create Japan’s first corporate Bitcoin treasury in 2024). And just for extra spice, a Bahrain-based catering company with a market cap of $24.2 million is jumping on the Bitcoin treasury train, too. 💥
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2025-05-19 15:49