BTC Purchase Is Expected, But Funding?
In an X post on June 22, Treasury BTC founder and CEO Khing Oei advised investors should focus less on the size of Strategy’s Bitcoin purchases.
Referencing Saylor’s Bitcoin accumulation teaser on June 21, Oei argued that the financing method now carries the most important signal for investors.
"The Bitcoin purchase itself is the expected part. The information is in how it gets funded," Oei wrote. For the period between June 15 and June 21, Strategy purchased 520 BTC for $34.9 million and added $300 million to its dollar reserve.
Oei pointed to Strategy’s previously disclosed framework that suggests issuing common shares to buy Bitcoin becomes accretive when the stock trades above roughly 1.22x multiple-to-net-asset value (mNAV).
