One of the auction world's bitcoin leaders is buying more Strategy.
Tad Smith, former CEO of the storied auction house Sotheby's, said on X earlier this week that he snapped up an undisclosed amount of STRK, Strategy's convertible perpetual preferred stock.
"Bought more $STRK yesterday," Smith wrote in a post that, as of press time, has drawn more than 11,000 views.. "For me, $MSTR convertibility on top of a 10.3% preferred yield (now only 50bps lower than the near-par $STRC) overcame $STRK ‘s annoyingly low liquidity. And @MicroStrategy ‘s shares are dismal in this market so I will take the “over”. Wish me luck!"
Smith, the CEO of Durable Money, an investment firm, is an advocate for bitcoin as well as digitized art tied to blockchains. He has previously posted about purchasing Strategy-related equity vehicles, including STRC.
"I bought some $STRC today from @saylor ‘s @MicroStrategy $MSTR," he posted on Feb. 4 "He offered me 11.5% yield payable monthly (‼️) backed by $BTC and a couple years of dividends on his balance sheet. For me, a nice place to park my cash while I DCA through this volatility." Smith posted a day prior about buying bitcoin, quipping that he'd "added to my pet rock collection."
Strategy currently holds 714,644 BTC, purchased at an average cost of roughly $76,056 per coin following fresh purchases disclosed earlier this week, as previously reported by BitcoinTreasuries.NET.