Michael Saylor Hints at More Bitcoin Buys for Strategy
Michael Saylor, the executive chairman of Strategy, has hinted at another Bitcoin acquisition following a cryptic social media post. In a post captioned “more orange than ever,” Saylor shared an acquisition chart, sparking speculation about further Bitcoin purchases. The company recently confirmed a 1,665 BTC purchase worth $142.7 million in a September 28 SEC filing, bringing its total holdings to 847,666 BTC.
Strategy resumed its Bitcoin acquisitions after a ten-week hiatus. The latest purchase follows two consecutive weekly acquisitions in September, including a 950 BTC buy worth $75.7 million on September 21 and a 1,665 BTC acquisition worth $142.7 million on September 28. The company funded these purchases by selling 1,469,165 shares of its common stock, raising $246.2 million between September 21 and September 27.
The company currently holds 847,666 BTC, valued at approximately $72.5 billion. Strategy’s share sales have been instrumental in funding its Bitcoin acquisitions, though this strategy reduces proportional ownership for existing investors. The company must balance these purchases with capital needed to meet debt obligations.
This latest acquisition comes as spot Bitcoin ETFs continue to see sustained inflows, attracting over $2.62 billion in the past 10 sessions. Analysts have noted reduced selling from whale addresses and stronger inflows into accumulation addresses, contributing to Bitcoin’s recent price surge from around $59,500 to $85,000 by October 4.