Michael Saylor Hints at First Bitcoin Purchase in Two Months
Michael Saylor appears to be hinting at Strategy’s first Bitcoin purchase since June 22 as Bitcoin recovers toward $79.000.
Key Takeaways
- Michael Saylor appears to be hinting at Strategy’s first new Bitcoin purchase since June 22.
- Strategy recently stopped selling Bitcoin and instead raised capital through the sale of MSTR shares.
- Under its current strategy, newly raised capital could be used for Bitcoin purchases and buybacks of its STRC preferred stock.
Michael Saylor appears to be hinting at a new Bitcoin purchase by Strategy. The company’s executive chairman posted the short message "We’re Back" on X, which could indicate that Strategy has bought Bitcoin for the first time since June 22.
The potential purchase comes as Bitcoin has recovered toward $79.000. BTC gained nearly 1% over the past 24 hours and was trading more than 2.5% above Friday’s low.
Strategy Had Been Selling Bitcoin in Recent Months
A new purchase would mark a shift from the past few months. Starting in May, Strategy began selling part of its Bitcoin position to strengthen its balance sheet and U.S. dollar reserves.
The company recently stopped doing so. Instead of selling Bitcoin, Strategy chose to issue MSTR shares to increase the amount of dollars on its balance sheet. At the same time, the company began buying back its preferred stock Stretch, better known as STRC.
Strategy previously showed that it is keeping the option open for further share buybacks while its cash reserve grows.
New Capital Could Go Back Into Bitcoin
Strategy now has enough U.S. dollar reserves to cover nearly four years of dividend payments on its preferred stock. This reduces the need to use newly raised capital solely to further increase its cash buffer.
That makes it more likely that new capital could once again be used for Bitcoin purchases or additional STRC buybacks.
STRC rose to nearly $98 on Friday. Strategy could continue its buybacks to help bring the price closer to its $100 par value.
Bitcoin Remains Important to Strategy’s Valuation
Strategy’s performance remains closely tied to Bitcoin. The company holds a large amount of BTC, meaning the value of its balance sheet moves significantly with the Bitcoin price.
Strategy’s own valuation is also closely watched. The market has previously looked at how Strategy moves alongside key long-term Bitcoin levels.
Saylor has not yet officially confirmed a new purchase. However, his post on X suggests that Strategy may have started expanding its Bitcoin position again.
