Morning Minute: Saylor Buys $2.13B in Bitcoin, 9-Month High

Core Insights - Michael Saylor's firm, Strategy, executed its largest Bitcoin purchase in nine months, spending approximately $2.1 billion to acquire 22,035 Bitcoin at an average price of $95,280, which is nearly 7% above the current market price [2][4] - The purchase indicates a strategic evolution for Strategy, as Bitcoin is becoming central to a new credit framework that allows the company to raise capital without diluting equity or selling Bitcoin [4][5] Company Strategy - Strategy utilized a newly introduced structured credit instrument, STRC, to finance part of the Bitcoin purchase, avoiding the issuance of common equity [2][7] - STRC is a Series A Perpetual "Stretch" Preferred Stock designed to trade near its $100 par value while providing monthly cash dividends, currently yielding approximately 11% annually [7] - This approach positions Strategy closer to a Bitcoin-backed financial platform rather than merely a corporate treasury strategy [8] Market Context - The broader cryptocurrency market is experiencing a downturn, with major cryptocurrencies down 3-6%, while Bitcoin is currently priced at $88,200 [6] - The recent purchase by Strategy represents 3% of all Bitcoin owned by MicroStrategy, highlighting the significance of this acquisition [4]