Michael Saylor, executive chairman of Strategy (formerly MicroStrategy), posted a new Bitcoin (BTC) chart on Sunday with the caption “Even more orange.” Posts like this one have often come a day before the company reports new Bitcoin purchases.
Strategy is the largest public company holding Bitcoin. It reports its purchases in filings with US regulators, usually on Mondays.
Last Sunday’s Orange Post Came a Day Before a 950 BTC Buy
Orange is Bitcoin’s brand color. Each orange dot on Saylor’s chart marks a purchase, and bigger dots mean bigger buys.
“Even more orange,” Saylor indicated.
Last Sunday, he posted a similar chart captioned “A little more orange.” That evening, BeInCrypto reported Saylor’s buying hint and said Monday’s update would settle it.
It did. The next day, MicroStrategy disclosed a 950 BTC purchase worth about $76 million, or $79,670 per coin, according to its ledger. That brought its holdings to 846,000 BTC.
Notably, however, the signal does not always lead to a buy, though. The week before, Strategy’s filing showed no Bitcoin bought or sold.
Why MicroStrategy’s Next Bitcoin Move Matters
Strategy has not only been buying this year. Its ledger lists four sales between June 30 and August 10, totaling 6,916 BTC.
Last week it also spent $174 million buying back STRC, a preferred share that pays holders a monthly dividend. That was more than twice what it spent on Bitcoin.
Right now, Bitcoin trades near $84,974, up 1% over 24 hours. That puts the price about 13% above Strategy’s average cost of roughly $75,416 per coin. Earlier this month, the company sat 2% above cost.
Monday’s filing will show whether last week’s 950 coins restarted steady buying or set a slower pace.
The post Did MicroStrategy Buy More Bitcoin? Michael Saylor Drops Another Signal appeared first on BeInCrypto.
