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Prominent Bitcoin advocate and industry CEO Samson Mow has predicted that the average purchase price of corporate whale Strategy Inc. will serve as a permanent price floor for Bitcoin moving forward, arguing that the period of acquiring Bitcoin below Strategy’s historic cost basis is over.
Mow pointed to the upcoming de-SPAC process for Adam Back’s BSTR. In February, he predicted that once BSTR completes its de-SPAC transaction, the newly formed public company would immediately move to acquire between 15,000 and 20,000 BTC.
If Mow’s prediction holds, the key question is what level would define the new price floor. A newly filed Form 8-K with the Securities and Exchange Commission shows that Strategy’s average purchase price currently sits at $75,577 per Bitcoin.
Strategy cemented this average just days ago following another large acquisition. Earlier this week, the company announced it acquired an additional 13,927 BTC over the past week for roughly $1 billion.
Strategy funded its latest billion-dollar purchase entirely through its at-the-market (ATM) stock offering program. The SEC filing indicates the company has made little impact on its available capacity, with nearly $50 billion in remaining purchasing power split between $21 billion available under its STRC stock program and $27 billion under its Class A Common Stock (MSTR) program.
