Tech futures bounced after last week’s 5.5% rout, and bitcoin followed them up before sellers knocked it back. Earnings this week put the AI trade to the test again.
Michael Saylor’s Strategy acquired a modest 267 bitcoin last week, bringing total holdings to 848,517 coins. The company also bought back another $193 million of its high-yielding preferred stock STRC and boosted the size of that repurchase program to $3 billion from $2 billion.
STRC fell back to $97.72 during last week’s market-wide selloff, likely indicating that Saylor and team will continue buying back shares rather than issuing them to acquire more bitcoin.
Matt Cole’s Strive , meanwhile, continued its relatively fast bitcoin acquisition spree, adding another 1,223 coins and bringing total holdings to 36,818.
The company will have another $600 million in buying power later this week when the IPO proceeds from its SATA preferred stock offering hit its bank account.
Strive’s original high-yielding preferred stock SATA was also caught up in the market panic last week, falling all the way back to $96.83. It had previously spent several weeks trading at or above par value ($100), allowing the company to use it as a funding mechanism to buy more bitcoin.
Cboe’s VIX index, also known as Wall Street’s fear gauge, is down 5% as of this writing.
The index, representing the market’s expectations for the degree of price swings in the S&P 500 over the next four weeks, is hovering just below 19. It surged by over 20% to nearly 20 on Friday as AI stocks tanked.
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