Latest news with #Saylor
Mint
2 days ago
- Business
- Mint
AQR's Cliff Asness Sides With Jim Chanos in Critique of Michael Saylor's Strategy
Bloomberg Published 21 Jun 2025, 01:26 AM IST (Bloomberg) -- AQR Capital Management's Cliff Asness says he's in agreement with famed short seller Jim Chanos when it comes to his criticism of Strategy founder Michael Saylor's claim that the use of convertible debt affords the leveraged Bitcoin proxy downside protection while continuing to accumulate the cryptocurrency. The critique is centered around whether there is 'recourse' for the company formally known as MicroStrategy Inc. to pay back holders of its convertible bonds, through which Strategy raised roughly $10 billion to fund Bitcoin purchases. While Saylor said this type of debt 'is not going to get called' and can be paid off with stock if the price of Bitcoin tumbles, both Asness and Chanos disagreed. In a Friday post on social media platform X, Asness said Chanos 'is of course right.' It is yet another twist as the back and forth between Chanos and Saylor is becoming a Wall Street battle for the ages. In separate Bloomberg interviews last week, Chanos said the Saylor's model to value the crypto-treasury firm is 'financial gibberish' while Saylor argued that Chanos just does not understand it. Earlier, Chanos recommended an arbitrage trade to short the shares of Strategy and buy Bitcoin, betting the large premium the stock commands over the value of its token holdings will shrink. Shares of Strategy were little changed on Friday, and have risen 27% so far this year. The stock had surged more than 3,000% since Saylor began buying Bitcoin in the middle of 2020. More stories like this are available on
Business Times
6 days ago
- Business
- Business Times
Michael Saylor shifts to using preferred shares to buy Bitcoin as criticism rises
[NEW YORK] Michael Saylor's Strategy bought US$1.05 billion in Bitcoin in the last seven days, the third consecutive week in which the cryptocurrency treasury company has used preferred shares exclusively instead of common stock to fund purchases. The company formerly known as MicroStrategy purchased 10,100 Bitcoin from Jun 9 to Jun 15 at an average price of US$104,080, according to a filing on Monday (Jun 16). The haul was the largest by Strategy in five weeks, raising its total holdings to roughly US$63.4 billion. The emphasis on preferred shares comes as Saylor's cryptocurrency accumulation strategy attracts more attention from critics who have raised concern over the large premium the company's common stock commands over the value of its token holdings. Legendary short-seller Jim Chanos called Saylor a 'salesman' and has recommended buying Bitcoin and shorting Strategy's common shares on a bet the premium will close. Saylor announced plans earlier this year to raise US$84 billion in capital to buy Bitcoin through a combination of at-the-market common share sales and debt offerings over the next few years. In 2020, Strategy began buying Bitcoin with cash on hand before shifting to stock sales. The Tysons Corner, Virginia-based firm, which started as an enterprise software maker, has issued three classes of preferred shares, and has also used convertible bonds to buy Bitcoin. Selling more common shares can dilute the holdings of existing shareholders, while preferred stock can also have the same impact if the securities are convertible to common. 'There's definitely the potential for dilution,' said Mark Palmer, an analyst at Benchmark Capital, who has a 'buy' rating on Strategy. 'But the trade-off is that it's only the convertible instruments that enable Strategy to sell volatility into the market. At the same time, there is an understanding that dilution or other instruments that are linked to common shares are part of the strategy.' The company funded the bulk of its purchases in the past week from the proceeds of the launch of its third class of preferred shares, which raised US$979.7 million. It raised an additional US$78.4 million from the sale of its so-called Strike and Strife preferred shares, according to the filing with the US Securities and Exchange Commission. Saylor clapped back at comments from Chanos and other critics last week, saying Strategy's ability to raise funds 'at a premium' through the sale of its preferred stock was 'effectively risk-free'. Strategy shares were little changed at around US$382 on Monday, and are up over 3,000 per cent since July 2020. The S&P 500 Index has climbed around 94 per cent during the same period, while Bitcoin has rallied about 1,060 per cent. BLOOMBERG
Yahoo
7 days ago
- Business
- Yahoo
Pakistan Engages Michael Saylor in Bold Push Toward Bitcoin-Backed Economy
Pakistan has taken a significant leap toward integrating digital assets into its economic roadmap by hosting bitcoin BTC advocate Michael Saylor, Executive Chairman of Strategy (MSTR). In a high-profile meeting with Finance Minister Muhammad Aurangzeb and Minister of State for Crypto and Blockchain Bilal Bin Saqib, discussions centered around positioning bitcoin as a sovereign-grade asset to bolster Pakistan's monetary resilience and digital future. Saylor, known for transforming Strategy into the largest corporate holder of bitcoin, praised Pakistan's openness to innovation. The company's bitcoin holdings now total approximately 582,000 BTC, valued at over $62 billion, a strategy that has lifted its market cap from $1.2 billion to $105 billion since 2020. Minister Aurangzeb emphasized Pakistan's ambition to become a leader in digital asset adoption across the Global South, highlighting its commitment to regulation, inclusion and innovation. Bilal Bin Saqib drew attention to Saylor's remarkable trajectory, stating that Pakistan possesses the talent and determination to replicate such transformative success on a national scale. Saylor applauded Pakistan's proactive approach, calling Bitcoin the 'strongest asset for long-term national resilience.' He added that countries like Pakistan have a unique chance to leap ahead in the financial landscape by embracing digital assets early. This meeting marks a pivotal step in Pakistan's efforts to build a comprehensive digital assets framework and attract global institutional attention in the emerging Web3 economy.
Yahoo
7 days ago
- Business
- Yahoo
Michael Saylor's Strategy buys another $1.05 billion of bitcoin
Strategy (MSTR), the largest corporate holder of bitcoin, reported in a filing to the Securities and Exchange Commission on Monday that it purchased another $1.05 billion worth of bitcoin. Shares of Strategy, a small software company turned crypto giant chaired by crypto tycoon Michael Saylor, fell 0.4% in early trading Monday after rising as much as 1.4%, while the broader S&P 500 (^GSPC) rose 1%. Strategy said it acquired 10,100 bitcoins between June 9 and June 15. As of its latest filing, the company has spent nearly $42 billion to buy over 592,000 bitcoins since it first purchased the cryptocurrency on Aug. 10, 2020. Over that time frame, the stock has risen roughly 3,000%, relative to the S&P 500's 78% gain. Saylor told investors during the company's May 1 earnings call that Strategy's 'plan is buy and hold BTC indefinitely.' 'We're going to promote global adoption of BTC as a treasury reserve asset,' he said. Other companies have begun to adopt its strategy, using a combination of debt and equity to add bitcoin to their balance sheet in the hopes of replicating Strategy's stock price success. That doesn't always happen, though. GameStop (GME), for example, fell 10% immediately after it announced a $500 million purchase of bitcoin. Trump Media (DJT) dropped more than 10% after announcing it was raising $2.5 billion to create a bitcoin treasury. And bitcoin's volatility means smaller companies risk bankruptcy if the cryptocurrency's value suddenly drops. In the case of Strategy, Saylor argued that the stock's volatility is a good thing for investors: 'What we have done is we have created a volatility engine. When you take volatility, when you take a fire and you cultivate it, it becomes a furnace. And if you're smart, you make it a reactor and it becomes a power plant.' Options traders can collect expensive premiums for volatile stocks. 'Of course, what we're doing is creating a crypto reactor that could run for a long, long period of time,' he added. Laura Bratton is a reporter for Yahoo Finance. Follow her on Bluesky @ Email her at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Recorder
7 days ago
- Business
- Business Recorder
Pakistan's commitment to digital assets, economic innovation: meeting held
ISLAMABAD: In a bold demonstration of Pakistan's commitment to digital assets and economic innovation, Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired a high-level meeting. The meeting was attended by Minister of State for Crypto and Blockchain Bilal Bin Saqib and Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy) — the world's largest corporate holder of Bitcoin, said a press release issued by the Ministry of Finance on Sunday. The discussion focused on how Bitcoin can serve as a tool for sovereign reserves, monetary resilience, and driving Pakistan's long-term digital economic transformation. Pakistan Crypto Council reviews progress on digital assets regulatory framework Addressing the meeting, Muhammad Aurangzeb said that Pakistan aspires to lead the Global South in the development and adoption of digital assets, setting a benchmark for innovation, regulation, and inclusive growth in the digital economy. Speaking on the occasion Minister of State for Crypto and Blockchain Bilal Bin Saqib said that Pakistan has taken a historic step forward for strengthening the digital economy. 'Michael Saylor's insights and leadership have shaped how the world views Bitcoin as a sovereign-grade asset. In 5 years Mr Saylor transformed a mid-sized software firm into a $100+ billion company, purely through strategic vision, bold conviction, and disciplined execution. If private individuals can build that in the U.S.—why can't Pakistan, as a nation, do the same? We have the talent, the story, and the energy,' he added. Meanwhile during the meeting, Saylor praised Pakistan's efforts to take a forward-looking, innovation-friendly stance in the global digital economy and welcomed the opportunity to advise and support ongoing developments. 'Pakistan has many brilliant people. It also has commitment and clarity needed by businesses globally,' he added. Bitcoin is the strongest asset for long-term national resilience, he said, adding that emerging markets like Pakistan have a once-in-a generation opportunity to leapfrog into the future of finance. This strategic dialogue marks another milestone in Pakistan's effort to build a robust digital assets policy framework, attract global institutional interest, and position itself as a Web3 and Bitcoin-ready emerging market. Michael Saylor — whose Bitcoin thesis has shaped conversations at the White House, Capitol Hill, and leading US think tanks — has emerged as one of the most influential voices in global monetary strategy. His advocacy echoes the Trump-era vision of economic sovereignty, decentralization of financial power, and investment in long-term national strength through hard digital assets. Saylor's success story is unmatched. He is widely regarded as one of the most influential voices in Bitcoin's institutional adoption. Under his leadership, strategy transformed from a traditional enterprise software firm into the largest corporate holder of Bitcoin in the world. Since initiating its Bitcoin strategy in 2020, the company has acquired approximately 582,000 BTC, valued at over $62 billion as of June 2025. This aggressive accumulation strategy has driven strategy's market capitalization from $1.2 billion to over $105 billion, making it one of the top-performing tech stocks of the decade.
