Strategy buys $255M in Bitcoin at $77,906 per coin

Michael Saylor’s Strategy bought $255 million in Bitcoin at an average price of $77,906, while the Polymarket contract for Bitcoin reaching a new all-time high by June 30, 2026, sits at 2.6% YES, down from 3% a day ago.

## Market reaction

The purchase came above Strategy’s average acquisition price of $75,537, which signals willingness to accumulate at higher levels. In the contract for Bitcoin hitting a new all-time high by June 30, 2026, the 24-hour trading volume was $843 in face value with only $26 in actual USDC traded, meaning thin liquidity where even a small trade can move odds significantly.

The term structure across Polymarket’s Bitcoin all-time high contracts shows a clear pattern: the June contract trades at 2.6% YES, the September contract at 11% YES, and the December 31 contract at 17.5% YES. The biggest jump between June and September suggests traders expect a catalyst in that window. The largest single move was a 2-point spike to 12% in the September market, more consistent with speculative interest than firm conviction.

## Why it matters

Saylor’s purchase, at $77,906 per coin, is $2,369 above Strategy’s average cost basis. This is the company continuing to buy at prices above its own average, not bargain-hunting. At $0.026 per YES share on the June contract, a resolution at $1 would return 38.5x. But the thin liquidity means these odds are fragile and could shift on minimal volume.

## What to watch

The key variables are whether other large corporate or institutional buyers follow Strategy’s lead, regulatory developments, macroeconomic shifts, and statements from figures like Jerome Powell or major crypto executives. Saylor’s next purchase or any change in Strategy’s accumulation pace would be a direct signal for these markets.

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