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Bitcoin

Strategy’s $40 Billion Bet In Trouble? New Lawsuit Opens Can Of Worms

Scott Matherson
by Scott Matherson
4 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Strategy’s $40 billion Bet on Bitcoin has become the subject of a class action lawsuit. The plaintiffs accuse the company’s executives of making misleading statements. This comes amid the firm’s latest purchase of 7,390 BTC. 

Strategy Faces Lawsuit Over Bitcoin Bet

According to Strategy’s filing with the SEC, the plaintiffs filed a class action lawsuit against the firm on May 16 against the company, its co-founder, Michael Saylor, the CEO, Phong Le, and Executive Vice President Andrew Kang. The lawsuit alleges that Strategy and its executives violated the Securities Exchange Act. 

Related Reading: Strategy’s 500,000 BTC Holdings At Risk As Bitcoin’s 200-Day MA Remains Low At $47,000

The plaintiff and class representative Anas Hamza claims on behalf of the class of investors that from April 30, 2024, to April 4, 2025, the defendants made false and misleading statements with respect to Strategy’s Bitcoin Treasury. 

The investors further allege that Strategy and its executives failed to disclose information about the anticipated profitability of its bitcoin-focused investment strategy and treasury operations. Saylor and his company are also accused of failing to disclose the various risks associated with BTC’s volatility and the magnitude of the losses. 

The company and its executives plan to defend against these claims rather than reach a settlement. The plaintiffs are seeking unspecified damages, which extend to fees, costs, and other reliefs. 

Strategy revealed the details of the lawsuit alongside its announcement of another Bitcoin purchase. The company, previously known as MicroStrategy, announced that it had acquired 7,390 Bitcoin for $764.9 million at an average price of $103,498 per BTC. The firm has also achieved a BTC yield of 16.3% year-to-date (YTD). 

Saylor’s firm has now acquired a total of 576,230 BTC for $40.8 billion at an average price of $69,726 per BTC, making it the largest corporate Bitcoin holder.

BTC And MSTR Stock Rally Despite The Lawsuit

The Bitcoin price and MSTR stock rallied despite news of the lawsuit against Strategy. BTC surged from its intraday low at around $102,000 and closed May 19 above $105,000. Meanwhile, MSTR also enjoyed a 3% gain on the day, rallying above the psychological $400 level. 

Related Reading: Bitcoin Double-Top Pattern Says Bull Market Is Over, Is A Crash Coming?

Analysts predict that the Bitcoin price could soon hit a new all-time high (ATH), which is also bullish for the MSTR stock. Crypto analyst Titan of Crypto revealed that BTC has broken out of a clear bull pennant on the daily chart. He added that new all-time highs could be around the corner if this move holds. His accompanying chart showed that the flagship crypto could rally to as high as $112,000 on this breakout. 

Bitcoin
Source: Titan of Crypto on X

At the time of writing, the Bitcoin price is trading at around $105,500, up over 3% in the last 24 hours, according to data from CoinMarketCap.

Bitcoin
BTC trading at $105,361 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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