Strategy co-founder Michael Saylor has hinted at a new round of Bitcoin purchases in an X post on Sunday.
In the X post, Saylor shared a BTC chart suggesting another purchase of the token with a “Needs more Orange” header.
Michael Saylor’s Strategy moves close to 500k Bitcoin
According to SaylorTracker, the company last purchased BTC on March 17, buying 130 BTC worth $10 million at the time. The purchase brought the total stash of the company to 49,226 BTC. The purchase was one of the company’s smallest in a while, coming after a two-week break of purchases. On March 21, Strategy announced the pricing of its latest preferred stock offering, selling the shares at $85 with a 10% coupon. The company expects to raise about $711 million from the sale.
Michael Saylor has been an advocate for Bitcoin, influencing numerous companies to adopt BTC as a treasury asset while also urging the US government to increase its holdings of the asset. Saylor has urged the United States government to acquire at least 25% of the total supply by 2035 when 99% of the total supply of the asset would be mined.
Over the last few days, Bitcoin has traded in the $85,000 price region, with the market cap of the asset standing at $1.6 trillion. The asset has seen a global trading volume of $10 billion in the last 24 hours. Presently, it is down by 27% from its all-time high of January 20.
Meanwhile, Strategy’s continued accumulation of the asset has always been integral to its bullish momentum, with past purchases seeing the asset rebound a little. If the company commits to another purchase, it could fuel the buying pressure and push the asset to trade on the upside. Analysts are still divided on the potential price moves of the asset, with some seeing a correction before an upside, while others are predicting a new upward move to touch new highs.