"Michael Saylor adjusts stock selling restrictions to continually support his Bitcoin investment approach"
Michael Saylor's Strategy Inc. Maintains Large Bitcoin Holdings Amidst Debate Over Transparency
Michael Saylor's Strategy Inc. continues to hold a substantial amount of Bitcoin, with a current total of 629,376 BTC. This massive hoard, valued at around $73 billion, makes Strategy the largest corporate Bitcoin holder globally.
Since reaching a record high in November, Strategy's stock has taken a 22% hit. However, Bitcoin, on the other hand, has rallied 23%, with its current trading price hovering near all-time highs around $119,666.
Strategy's Bitcoin acquisitions are transparent through regular filings with the SEC. In the past week alone, the company purchased 430 Bitcoin for $51.4 million. The average price at which Strategy acquired its Bitcoin is $73,320.
Despite the transparency provided by these financial disclosures, Strategy has not disclosed plans to release on-chain proof of its Bitcoin reserves. This decision has been met with criticism from short sellers like Jim Chanos, who question the effectiveness of Strategy's preferred stock offerings.
Michael Saylor, the CEO of Strategy Inc., publicly rejects on-chain proofs, arguing that traditional financial audits provide sufficient transparency. He believes that these well-established financial disclosure practices are adequate for investor assurance, even though some in the crypto community advocate for on-chain proof as a more direct confirmation of reserves.
This approach has led to Strategy relying on traditional regulatory filings and financial disclosures rather than blockchain-based proofs. The company's Bitcoin holdings represent more than $26 billion in unrealized gains, underscoring the importance of maintaining transparency.
In conclusion, Strategy Inc.'s decision to forego on-chain proof of its Bitcoin holdings stems from Saylor's view that audited financial reports satisfy transparency needs without the risks or complexities he associates with publicly releasing cryptographic proofs of their Bitcoin holdings. This stance, while controversial in some circles, has not deterred Strategy from continuing to build its substantial Bitcoin reserves.
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