Saylor hints at more Bitcoin buys after $2B purchase

Michael Saylor has hinted at more accumulation by stating, “Thinking about buying more Bitcoin,” when both Strategy’s stock and BTC see a decline.

Strategy executive chairman Michael Saylor said that the company's Bitcoin acquisition initiative is unlikely to decelerate in the near future, sharing a succinct yet significant remark on X: “considering purchasing additional Bitcoin.”

The statement follows Strategy's announcement of its most substantial Bitcoin acquisition in over a year earlier this week. Saylor indicated that his company acquired 22,305 BTC for approximately $2.13 billion. This purchase, executed at an average price of $95,284 per coin, elevated the firm's total holdings to 709,715 BTC, solidifying its position as the preeminent corporate Bitcoin holder by a significant margin.

Strategy is holding over $53.92 billion in Bitcoin at an average price of $75,979, providing the corporation with exposure to over 3.3% of Bitcoin's future fixed supply.

No other public corporation approaches such magnitude. The second-largest corporate holder of BTC is MARA Holdings, possessing 53,250 coins on its balance sheet.

Saylor hints at more Bitcoin buys

Given the magnitude of the acquisition and Saylor's reinvigorated fervor, the markets responded indifferently. Strategy's stock decreased by over 1% in the last 24 hours, prolonging its weekly drop to almost 9%.

The decline reflects persistent volatility in the cryptocurrency market, as Bitcoin fell beneath the $90,000 threshold and has faced difficulties in regaining it amid widespread risk aversion.

According to CoinCodex data, BTC is currently trading at approximately $89,117. This follows a 0.71% decline in the last 24 hours and a decrease exceeding 7% during the longer-term weekly period.

The most recent post and purchase indicate a possible resurgence of large-scale acquisitions for Strategy following almost a year of modest, gradual increases.

Strategy initiated the corporate Bitcoin treasury movement in 2020, employing a combination of operating revenue, equity issuance, and debt financing to augment its holdings over many market cycles.

Other companies have begun to adopt Strategy's framework to establish their Bitcoin treasuries. Some have also utilized the idea for smaller tokens like Ethereum (ETH).

The enthusiasm around digital asset treasury (DAT) enterprises has significantly diminished from the high observed at the beginning of the year. This has resulted in a decrease in the share values of all the corporations. During this downturn, Strategy has remained one of the few firms to sustain growth in its treasury.