Michael Saylor Hints at Another Bitcoin (BTC) Purchase

Strategy co-founder Michael Saylor has hinted at another Bitcoin (BTC) purchase on his Sunday X post.

Strategy (NASDAQ: STRC) co-founder Michael Saylor has hinted at another Bitcoin (BTC) purchase by the company, teasing the buy on Sunday with a chart displaying "more Orange" needed.

On Sunday, Saylor took to X, formerly Twitter, to share a chart of Bitcoin's price movements, highlighting the company's actions on the side.

The chart showcased several instances where Strategy engaged in buying activity, particularly during periods of market downturn or sideways trading.

"Needs more Orange," Saylor stated cryptically, implying that Strategy is planning another Bitcoin purchase.

According to the data from SaylorTracker, Strategy last purchased Bitcoin on March 17, scooping up 130 BTC at an average price of $81,475, for a total value of $10.7 million. This brought the company's total holdings to 499,226 BTC.

The March 17 purchase was one of Strategy's smallest on record and came after a two-week break in buying.

On March 21, Strategy announced the pricing of its latest preferred stock offering, selling 8.3 million shares at $85 each with a 10% coupon and a yield to maturity of 9.4%. The company expects to raise approximately $711 million from the sale.

The company said it plans to use the net proceeds from the offering for general corporate purposes, which may include funding more bitcoin purchases.

Saylor is a well-known figure in the crypto sphere, having led Strategy to amass a significant bitcoin treasury over the past few years.

Under Saylor's leadership, Strategy has been rolling out a series of preferred stock offerings to fund its bitcoin accumulation strategy.

Since the beginning of 2023, Strategy has completed four preferred stock offerings, raising a total of about $4.3 billion.

Saylor has been a vocal advocate for bitcoin, not only influencing numerous publicly traded companies to adopt the cryptocurrency as a treasury asset but also urging the U.S. government to increase its holdings of the scarce digital asset.

Saylor has been pushing the U.S. government to acquire 25% of bitcoin's total supply by 2035—when 99% of the total BTC supply has been mined. To put this in perspective, if the government were to start buying bitcoin now at the current rate of about 1.8 million BTC per year, it would take about five to six years to reach this goal.

He also proposed that the U.S. government adopt a comprehensive framework for all digital assets in a proposal titled "A Digital Assets Strategy to Dominate the 21st Century Global Economy."

At the recent Blockworks Digital Asset Summit, Strategy co-founder Michael Saylor delivered his 21 Truths of Bitcoin speech, during which he compared investing in anything other than bitcoin to making "garbage investments."

"Gold still underperforms the S&P Index by a factor of two or more, so there is only one commodity in the history of the human race that was not a garbage investment — the one commodity is bitcoin — a digital commodity," said Saylor.

Despite the recent market downturn, Strategy is up over 28% on its bitcoin investment, with more than $9.3 billion in unrealized gains.

Will Strategy’s next move ignite a bitcoin rally?

Over the past hour, bitcoin's price has moved in a range of $84,968 and $85,168. Its market cap is now at $1.68 trillion and global trading volume in the past 24 hours is $10.64 billion. The cryptocurrency is now trading at an intraday range of $1,551 between $83,682 and $85,233 and is 21.7% off of its Jan. 20, 2025, all-time high.

Strategy's continued accumulation strategy has historically proved a bullish signal for the market, with past purchases correlating with price rebounds. Should the company make good on another acquisition, it could fuel renewed buying pressure, possibly affecting bitcoin's short-term direction.

Analysts are divided on BTC's next move, with predictions ranging from a bounce up to new highs to caution that further corrections might be needed before any sustained upside momentum can resume.