Strategy Hints at More Bitcoin Buys as Holdings Surpass 580,000

Michael Saylor, the executive chairman of Strategy, has once again hinted at a potential Bitcoin acquisition through a cryptic message on X. On Sunday, Saylor posted a chart of the company’s Bitcoin holdings, accompanied by the message “Send more Orange,” a widely recognized symbol for Bitcoin within the crypto community. This post suggests that Strategy may be preparing to increase its Bitcoin purchases, marking the firm’s ninth consecutive week of potential Bitcoin acquisitions.

Strategy, which currently holds 580,955 BTC valued at approximately $61.4 billion, has a history of making significant Bitcoin purchases. Between May 26 and June 1, the company acquired 705 BTC for nearly $75 million. Saylor’s Sunday posts often precede Bitcoin purchases, although a recent report from K33 Research indicates that Strategy may have slowed down its Bitcoin acquisitions due to a declining premium for MSTR shares relative to the company’s Bitcoin holdings.

Despite this, Saylor recently shared an infographic highlighting how Bitcoin has helped Strategy outperform major tech companies like Tesla, Meta, and Nvidia. He noted a 126% increase in year-over-year return growth, attributing this success to the company’s Bitcoin strategy. This post follows Strategy’s announcement of a $1 billion stock offering, with the proceeds intended to fund additional Bitcoin purchases and general corporate expenses. The company plans to issue 11,764,700 shares of 10.00% Series A Perpetual Stride Preferred Stock at $85.00 per share.

Strategy’s actions have sparked an intensifying competition among corporations entering the Bitcoin treasury space. For instance, Japan’s Metaplanet has been continuously accumulating Bitcoin, with a target to reach 210,000 BTC by 2027. The Tokyo-listed investment firm currently holds 8,888 BTC, placing it tenth globally in corporate Bitcoin holdings. Saylor’s endorsement could signal sustained positive sentiment among traders and potentially increase institutional accumulation. However, monitoring Saylor’s social activity could be relevant for short-term trading strategies, as institutional sentiment could lead to price volatility.