Catenaa, Tuesday, March 11, 2025- Michael Saylor’s Strategy (Formerly MicroStrategy) continued to buy bitcoin despite a market drop following President Donald Trump’s executive order establishing a US Strategic Bitcoin Reserve last week reports said.
The order mandates that the reserve be funded with bitcoin already owned by the government, limiting additional acquisitions unless they adhere to budget-neutral strategies.
Trump, who previously promoted the idea during his campaign, also directed the Treasury and Commerce Departments to explore further digital asset acquisitions. However, the order stipulates that any future purchases beyond assets forfeited in legal proceedings would require additional executive or legislative approval.
The announcement initially pressured the crypto market, with bitcoin falling below $89,000 after reaching a high of $109,000 in January.
Other cryptocurrencies, including ether, XRP, Solana, and Cardano, also posted declines of up to 3% before stabilizing.
However, in response software intelligence firm Strategy launched a $21 billion at-the-market stock offering to expand its bitcoin holdings.
The offering includes the issuance of Series A perpetual strike preferred stock, convertible into common stock, reinforcing the company’s aggressive bitcoin accumulation strategy.
Executive Chairman Michael Saylor, a vocal bitcoin advocate, reaffirmed the firm’s long-term commitment, predicting bitcoin could reach $13 million by 2045.
Strategy currently holds 499,096 BTC, valued at approximately $33.1 billion at an average purchase price of $66,357 per coin.
