Saylor Hints at More MicroStrategy Bitcoin Buys After Calacanis' 'Dead Cat Bounce' Label
MicroStrategy's Bitcoin holdings have not changed in two weeks, according to its most recent regulatory filing. However, Executive Chairman Michael Saylor hinted that the company may have broken this pause last week.
In a tweet on September 20th, Saylor wrote 'A little more orange' above a chart of the firm's holdings. He has used this format before making purchase disclosures, which are reported every Monday.
MicroStrategy acquired about 845,050 BTC at an average price of $75,412 per coin. Its last Bitcoin purchase was on August 31st for $369.7 million.
Cash is the constraint for MicroStrategy's purchases. The company spent $139.3 million buying back preferred shares in the week to September 13th instead of buying more Bitcoin.
This comes after investor Jason Calacanis called Bitcoin a 'dead cat bounce', referring to a short price recovery within a larger decline. Saylor disagreed, saying that Bitcoin has multiple lives ahead and is now a $1.6 trillion success as the world's most valuable digital asset.