Michael Saylor Hints at New Strategy Bitcoin Buy With “Back to Work” Post
Highlights
- Strategy's Executive Chairman Michael Saylor teased that the company could restar its Bitcoin buying spree this week.
- He posted the Orange Dots chart on X today, hinting at a BTC acquisition move.
- Earlier, last week, he confirmed that the firm had paused its purchases.
After a short period of halting Bitcoin purchases, Michael Saylor has indicated that Strategy might be back on the Bitcoin acquisition spree. The BTC treasury firm could announce a purchase as soon as Monday, May 11, according to the previous trend.
Michael Saylor Teases Strategy Resuming Bitcoin Buying
On Sunday, May 10, Michael Saylor wrote on X, “Back to work.” Saylor also revealed the company’s famous “Orange Dots” chart, the chart that’s often linked to the company’s Bitcoin accumulation history. The chart has been and will continue to be a sign of new acquisition deals by the company.
Earlier, the firm had suspended purchases of Bitcoin ahead of its May 5 earnings result. This decision put an end to four weeks of weekly Bitcoin purchases.
Prior to that, Strategy also raised approximately $82 million in the MSTR stock at-the-market offering. At the time, these funds could have been used to purchase over 1,000 BTC but the firm chose not to. Netizens attribute the decision to the sensitivity around its earnings calls and other operational reasons.
While there was rumblings that another announcement might be in the works, Previously, Michael Saylor revealed via X that there were no acquisitions for the last reporting week. He wrote: “No buys this week.”
Nonetheless, the long-time Bitcoin supporter soon suggested that the delay is likely to be temporary. He added, “Back to work next week,” which strengthens the expectations around a potential but announcement on Monday.
Recent Acquisitions By Strategy
Strategy currently has 818,334 BTC, with an average purchase price of $75,537 per BTC. The company currently has about $66.15 billion in its Bitcoin “treasury” based on the current market price.
The most recent purchase was made last Monday, when Strategy bought 3,273 BTC valued at approximately $255 million at an average price of $77,906 per Bitcoin. That sale was a substantial cut in the rate of purchases from the company’s 10x bigger $2.54 billion Bitcoin acquisition on April 20.
The market had already begun to wonder about the slowdown in the accumulation as the company has been continuously building up its Bitcoin stash in April.
Instant Currency Exchange at BestChange with Ease
- Compare Rates Across 1000+ Exchanges
- Access 250+ Cryptocurrencies & Pairs
- Save Time with Real-Time Price Tracking
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
