Oh dear, looks like someone’s aggressive bitcoin strategy has gone from high-risk, high-reward to “whoops, maybe not!”
Is Strategy’s Bitcoin Gamble a Bust? Lawsuit Claims Investors Were Misled
Well, well, well. MicroStrategy, the company that loves bitcoin almost as much as it loves confusing rebrands, is now caught up in a juicy little lawsuit. On May 16, it was revealed that the company, now operating under the name “Strategy” (because why not?), is facing a class action lawsuit in the U.S. District Court for the Eastern District of Virginia. And guess who’s in the hot seat? That’s right, Strategy’s own Executive Chairman Michael Saylor, CEO Phong Le, and CFO Andrew Kang. What a trio!
According to the paperwork filed with the U.S. Securities and Exchange Commission (SEC) on May 19, the lawsuit is being spearheaded by a certain Anas Hamza. It alleges that the company violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. No biggie, just a small act from the ’30s. The complaint claims that Strategy misled investors who jumped on the bitcoin bandwagon between April 30, 2024, and April 4, 2025. But of course, what’s a scandal without some drama, right?
The lawsuit is asking for all sorts of things—damages, interest, lawyers’ fees, and, I guess, a side of fries with that too.
Hamza’s complaint is full of juicy allegations, including claims that Strategy “made false and/or misleading statements” about how profitable their bitcoin investment strategy was going to be. Not to mention the *tiny* detail that they forgot to mention the risks associated with bitcoin’s usual rollercoaster ride. And if that wasn’t enough, they also allegedly failed to disclose how big the potential losses could be after the company’s adoption of a new accounting rule. Oops!
As expected, Strategy isn’t just sitting back and letting this all slide. In their SEC filing, they made it clear that they’re going to “vigorously defend” against these accusations. How much defense? Who knows. They couldn’t even predict what might happen next in this thrilling legal drama.
They might win. They might lose. Who knows? Stay tuned!
But wait, there’s more! In the same filing, Strategy revealed that they’re still all-in on bitcoin (because, why not?), and have added another 7,390 BTC to their already *massive* stash. They spent a cool $764.9 million on those shiny new coins. That’s right, the company now owns a total of 576,230 BTC, worth around $40.18 billion. Nothing screams “confidence” like doubling down on a volatile currency. #YOLO
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2025-05-19 18:27