Founder of SkyBridge Capital Anthony Scaramucci gave Michael Saylor’s latest move a rare shout-out, calling it “really smart stuff” after Strategy announced the biggest Bitcoin purchase in months and fresh details about how its balance sheet keeps absorbing more supply.
Build a dollar cushion, raise equity, rotate proceeds into BTC and let the balance sheet harden while the market watches the largest corporate holder keep adding size — that is what is smart for Scaramucci in the Bitcoin strategy of Michael Saylor & Co.
The praise came after Strategy confirmed the acquisition of 10,624 BTC for about $962.7 million at an average price of $90,615. That brings the company’s total holdings to 660,624 BTC, worth almost $60 billion at current pricing, while the average cost sits near $74,702. The unrealized gain is now just over 20%.
According to Scaramucci, this setup — dollar backstop first, equity sales second, accumulation third — is a capital structure that keeps working because it increases BTC exposure without weakening the corporate base.
Equity loop
The equity angle is important because Strategy’s share issuance has become a regular thing in the Bitcoin macro market. Even “barely” accretive sales, as Scaramucci said, still add to the balance sheet and expand the firm’s BTC-per-share metric, which equity markets are watching closely.
Right now, the market is valued at anywhere from $52 to $58 billion, with an enterprise value of about $67 billion, and mNAV readings have climbed back to near parity.
Saylor’s approach has not changed: treat BTC as the main reserve asset, execute when liquidity allows and communicate purchases with precision. Scaramucci’s endorsement shows how Wall Street pros now see the model not as just an experiment but as a corporate BTC pipe that keeps proving it can scale.