Saylor Hints Strategy Bought More Bitcoin

Strategy executive chair Michael Saylor has hinted that his company bought more Bitcoin despite a market tumble over the weekend that has now pushed his company’s Bitcoin bet into a 10% loss. 

“The Orange March Continues,” Saylor posted to X on Sunday, alongside a chart showing Strategy’s roughly $52 billion worth of Bitcoin (BTC) purchases since August 2020. 

Saylor often posts the chart as a signal that his company has bought, or plans to buy more Bitcoin and it is often seen as a bullish signal for investors. 

The potential buy would add to Strategy’s larger-than-usual Bitcoin purchases this month, including 17,994 Bitcoin on March 9 and 22,337 Bitcoin on March 16, amounting to $2.9 billion in Bitcoin. 

It also comes amid heightened military tensions between US and Iran, causing fears of a prolonged energy and oil crisis. 

Bitcoin fell 4% to $67,725 on Sunday before partially recovering to $68,100 at the time of writing.

With Strategy’s average cost per Bitcoin at around $75,696, the company is currently down more than 10% on its Bitcoin bet, according to BitcoinTreasuries.

Strategy had been funding much of its Bitcoin purchases through high-yield perpetual preferred stock offerings — such as Stretch (STRC) — giving investors monthly dividends while the company grows its Bitcoin treasury without diluting MSTR common shares. 

However, it halted funding through STRC last week after failing to raise fresh capital from the preferred stock.

MSTR back in the red after short-lived rally

Strategy (MSTR) shares fell 6.6% last week to $135.66, erasing some of the double-digit gains they made earlier in the month, Google Finance data shows.