$BTC Global Strategist of Euro Pacific Asset Management, called Strategy Inc.‘s (NASDAQ: MSTR) latest purchase of 1,550 Bitcoin (BTC) for $101 million “damage control” in an X post on Monday, June 8.
The longtime Bitcoin critic argued the move was a quick reaction to possibly calm investors’ nerves. Furthermore, the purchase followed Strategy’s sale of 32 BTC for $2.5 million between May 26 and May 31, its first Bitcoin sale since 2022.
Strategy’s latest BTC purchase was announced alongside a $100 million boost to the company’s cash reserves, bringing them to $1 billion. As such, Schiff argued both moves were funded by issuing new MSTR shares, thereby reducing the amount of Bitcoin each existing share represents.
The longtime Bitcoin critic argued the move was a quick reaction to possibly calm investors’ nerves. Furthermore, the purchase followed Strategy’s sale of 32 BTC for $2.5 million between May 26 and May 31, its first Bitcoin sale since 2022.
Strategy’s latest BTC purchase was announced alongside a $100 million boost to the company’s cash reserves, bringing them to $1 billion. As such, Schiff argued both moves were funded by issuing new MSTR shares, thereby reducing the amount of Bitcoin each existing share represents.