Prominent Bitcoin advocate and industry CEO Samson Mow has predicted the average purchase price of corporate whale Strategy Inc. will serve as the permanent price floor for Bitcoin moving forward.
Mow believes the days of acquiring Bitcoin below Strategy's historic cost basis are officially over.
The BSTR catalyst
Mow has pointed to the upcoming de-SPAC (Special Purpose Acquisition Company) process for Adam Back's BSTR.
Back in February, Mow predicted that when BSTR completes its de-SPAC transaction, the newly formed public company will immediately move to acquire somewhere between 15,000 and 20,000 BTC.
Now, Mow is doubling down on the price impact of that impending acquisition.
"Going to call it now," Mow posted. "When $BSTR de-SPACs, they will not be able to buy bitcoin: native for lower than $MSTR’s average price."
Reclaiming the floor
If Mow's prediction holds true, what exactly is the new price floor for Bitcoin?
According to a newly filed Form 8-K with the Securities and Exchange Commission, Strategy's average purchase price currently sits at $75,577 per Bitcoin.
The company cemented this average just days ago following yet another blockbusting acquisition.
Earlier this week, Strategy announced it had 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, and the SEC filing reveals that the corporate giant has hardly made a dent in its available capacity. The firm currently commands 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.
Dan Burgin
U.Today Editorial Team
