After pausing the Bitcoin buy campaign for three weeks, Strategy’s Michael Saylor is signaling it is about to resume its strategy acquisition. Saylor took to social media today to suggest another BTC acquisition announcement could come soon, possibly on Monday as the company generally files submits 8-K filing on that day.
Michael Saylor To Resume Bitcoin Buying Spree
On Sunday, June 7, Michael Saylor posted the popular Bitcoin acquisition chart and he wrote, “A good time to add more dots.” The chart, known as the “Orange Dots” chart, plots the company’s Bitcoin purchase activity, and has often preceded disclosure of new purchases by market participants.
The post came across as a direct confirmation that Strategy is looking to purchase more Bitcoin. It has been the longest period for the company to go without a Bitcoin purchase in recent months.
Saylor’s new post comes after a cryptic tweet on social media posted June 3. He wrote “₿ack to Work,” which came at a time before his usual Sunday post.
The buying signal is coming just after Strategy revealed an unanticipated sale of a number of its Bitcoin holdings. The company sold 32 BTC between May 26 and 31 for roughly $2.5 million, according to an SEC filing. The trades were made at an average price of approximately $77,135 per Bitcoin. The MSTR stock has continued plunging since this announcement.
Criticism Over BTC & Sale
The sale triggered a lot of conversation within the crypto industry as Strategy has always been known for a buy-and-hold narrative with regards to Bitcoin. The proceeds of the transaction will be used to satisfy obligations under preferred stock issuances.
Further, Strategy CEO Phong Le and CFO Andrew Kang also sold over $15 million in MSTR stock last week. It led to criticism as netizens suggested insider selling motives. Nonetheless, filings indicate that the move was in tandem with tax-related commitments and were not initiated for profit-taking.
Moreover, Strategy is still the biggest publicly listed corporate Bitcoin holder in the world after the sale. As of June 7, the company held 843,706 BTC. The company has also bought back $1.5 billion in convertible notes at discount with cash previously. With this move, the company has halted its Bitcoin buying spree.