Michael Saylor, the Executive Chairman of MicroStrategy, has hinted at a potential new purchase of Bitcoin (BTC) following a recent post on social media that included an updated tracker of the company’s Bitcoin holdings. This comes at a noteworthy moment, considering MicroStrategy’s latest filing indicated a small sale of Bitcoin rather than an acquisition. The firm has not reported any new Bitcoin purchases in the past three weeks.
As of now, MicroStrategy holds an impressive 846,842 BTC, with an average purchase price of approximately $75,658 per Bitcoin. This current valuation places the company’s Bitcoin position about 10% below cost. Bitcoin was trading around $64,082 at the time of Saylor’s post, reflecting a 1.31% increase that day, which brings the total value of MicroStrategy’s holdings to around $54.2 billion.
Saylor’s recent social media post included a chart illustrating the company’s Bitcoin acquisitions since 2020, where each orange dot represents an individual purchase. This has sparked fresh speculation about possible upcoming Bitcoin purchases, a tactic Saylor has employed in the past before major buys. MicroStrategy, known for its aggressive Bitcoin accumulation strategy launched in 2020, remains the largest corporate holder of the cryptocurrency by a significant margin.
Hours before Saylor’s Bitcoin tracker update, he appealed to the Bitcoin community, urging unity among holders to focus on shared objectives rather than internal disagreements. He emphasized that the majority of investors agree on the critical aspects of Bitcoin’s potential and that distractions should be set aside, especially as the broader financial community has yet to fully embrace it.
Saylor’s comments come during a period of relative inactivity regarding Bitcoin purchases. For instance, MicroStrategy’s June 1 filing revealed that the company sold 32 BTC for $2.5 million to cover preferred stock dividends, a stark shift for a company traditionally focused on accumulating Bitcoin. The decision stemmed from the necessity to manage cash flow to meet the 11.50% annual dividend on its preferred shares.
The same week witnessed MicroStrategy selling $128 million in common stock through its at-the-market program. This has raised questions among skeptics, as the practice of funding Bitcoin purchases through stock sales while using part of the proceeds to pay dividends has attracted criticism.
Despite the slowdown in acquisitions, Saylor has hinted at potential future purchases, with supporters pointing to the substantial value of the company’s current Bitcoin holdings. Traditionally, MicroStrategy releases a Bitcoin portfolio update each Monday. Observers are eagerly awaiting the next report to see if Saylor’s indications lead to an increase in holdings or if the current pause persists.
