Gary Cardone Made $750K on Strategy’s STRC, Waits for Bitcoin at $70K

Bitcoin (CRYPTO: BTC) approached $86,000 after a 44% quarterly rally, but investor Gary Cardone says he isn’t chasing the move.

Cardone generated roughly $750,000 from Strategy’s (NASDAQ:MSTR) STRC while waiting for a better BTC entry.

• Where is MSTR stock headed?

Cardone Says STRC Trade Paid Him $750K

Cardone told Scott Melker in an interview on Sep.22 that he could have bought Bitcoin around $98,000 several months ago but instead deployed capital into STRC near par.

"I’ve made $750,000 on STRC while I didn’t know what the market was doing," Cardone highlighted, adding that the position paid him roughly $63,000 per month.

He said the income allowed him to acquire about 12 Bitcoin while avoiding much of crypto’s underlying price volatility.

The trade also gave him flexibility to eventually rotate back into cash and Bitcoin rather than remaining on the sidelines while waiting for lower prices.

Why Cardone Isn’t Chasing BTC

Cardone revealed he was bearish over the summer partly because he wanted to accumulate more Bitcoin at $57,000 or lower.

"No one should chase Bitcoin ever again," he noted, and instead pay close attention to their entry price.

Cardone said he would not buy Bitcoin at $120,000 and suggested another move into the mid-to-low $70,000s remains possible.