Michael Saylor confirms buying more Bitcoin after a 3-week pause


After pausing its Bitcoin buying campaign for three weeks, Strategy’s Michael Saylor noted that it is about to resume its acquisition strategy. Saylor took to social media today to indicate that another Bitcoin acquisition announcement could be coming soon, perhaps on Monday as the company generally files an 8-K on that day.

Michael Saylor resumes Bitcoin buying spree

On Sunday, June 7, Michael Saylor published his famous Bitcoin gain chart and wrote: “Time to add more pips.” The chart, known as the “orange dots” chart, charts a company’s Bitcoin purchasing activity, often preceding the detection of new purchases by market participants.

This post came as direct confirmation that the strategy is looking to buy more Bitcoin. It was the longest period the company had gone without purchasing Bitcoin in recent months.

Saylor’s new job It comes after a mysterious social media tweet posted on June 3 books “₿ack to Work,” which came earlier than his usual Sunday post.

The buy signal comes right after the strategy revealed an unexpected sale of a number of its Bitcoin holdings. The company sold 32 bitcoins between May 26 and May 31 for about $2.5 million, according to a Securities and Exchange Commission filing. The trades were made at an average price of around $77,135 per bitcoin. the MSTR stock It has continued to decline since this announcement.

Criticisms about BTC and selling

The sell-off sparked a lot of conversation within the cryptocurrency industry, as the strategy has always been known for its buy-and-hold narrative regarding Bitcoin. The proceeds from the transaction will be used to satisfy obligations under the preferred stock issuances.

Moreover, Chief Strategy Officer Fong Lu and CFO Andrew Kang also Sold more than $15 million worth of MSTR stock Last week. This led to criticism as netizens suggested insider selling motives. However, the filings indicate that the move was in conjunction with tax-related obligations and was not initiated in order to make profits.

Furthermore, Strategy remains the world’s largest publicly traded Bitcoin holder after the sale. As of June 7, the company owned 843,706 BTC. The company also has $1.5 billion buyback In convertible securities at a discount to cash previously. With this move, the company stopped its Bitcoin buying spree.





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