Michael Saylor teases Bitcoin purchase as Strategy adjusts BTC holdings

As he typically does on Sundays before Strategy buys more Bitcoin, Saylor shared an image of the company’s Bitcoin portfolio on X earlier today and attached a cryptic caption implying the company will buy more BTC soon. 

“Needs even more Orange,” the post read . 

Strategy portfolio tracker. Source: Michael Saylor

As things stand, Michael Saylor’s Strategy, an enterprise software company formerly known as MicroStrategy has acquired over $40 billion in Bitcoin.

Saylor used to hate on Bitcoin… a long time ago

Michael Saylor’s tweet has people firmly believing his company is about to purchase more Bitcoin, the new digital gold.

According to on-chain data, Strategy (formerly MicroStrategy) transferred 7,383.25 $BTC worth $612.92M to three new addresses on March 30. The Bitcoin movement is probably an  adjustment of the firm’s positions as Saylor famously insists and implores others to never sell their Bitcoin.

It’s probably not a terrible time to buy BTC, with the digital asset currently trading around $82,000. The asset also remains a popular conversation piece among global leaders and public companies.

For many years now, Saylor has preached the merits of BTC, using corporate funds and issuing debts to acquire the asset. However, he once used to be a Bitcoin skeptic.

Way back in 2013, Sayor reportedly shared a famous tweet that predicted Bitcoin’s demise, claiming it would go the way of online gambling. However, by 2020, he had reportedly changed his tune, turning into a BTC advocate and converting his company, MicroStrategy into a Bitcoin holding company.

Doing that as early as 2020 was a big gamble, but it has paid off. MicroStrategy announced its first purchase of 21,454 BTC for $250 million in August 2020.

He described Bitcoin as a “dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”

The words he used, especially the part about it being a “dependable store of value,” are highly effective buzzwords on Wall Street, but there was still a lot of reluctance.

Some months later in October 2020, Saylor revealed that he personally owned over 17,000 BTC, which he had acquired earlier that year. Then, on September 15, Saylor doubled down on his conviction by purchasing another $175 million via MicroStrategy.

Michael Saylor’s Strategy led mainstream Bitcoin adoption

Since MicroStrategy went public with its investment in August 2020, companies ranging from Tesla and Square to insurer MassMutual have dedicated hundreds of millions of dollars into buying Bitcoin.

Famous investors such as billionaire Stanley Druckenmiller — who in June 2022 said he didn’t want to own crypto — have said BTC belongs in investors’ portfolios, alongside Paul Tudor Jones and Jim Cramer.

Visa has also announced plans to let customers spend cryptocurrency directly at 70 million merchants, and banks like JPMorgan and Morgan Stanley have started offering cryptocurrency investments to wealthy clients and institutional investors.

More recently, GameStop Corp., the struggling video-game retailer that became a favorite of retail traders during the meme stock frenzy in 2021, joined the ranks of public companies that recognize the merits of BTC.

It revealed some days ago on March 26 that its board had approved a plan to add Bitcoin as a treasury reserve asset. The Grapevine, Texas-based firm like many other public companies getting involved with BTC, is  experimenting with using corporate cash or borrowed money to buy the digital asset.

Although, there has also been talk about FOMO or companies simply announcing a Bitcoin strategy to gain attention, especially after seeing its dividends with Michael Saylor’s Strategy.

There is also the Trump effect to consider. The American president’s election was inarguably one of the most influential outside events to affect crypto last year, causing the asset to rally since he vowed to be a crypto-friendly president.

It is also worth noting that while the strategy of using corporate cash or borrowed money to buy the digital asset may have worked for Saylor’s Strategy, it may not work for other companies now as not all investors may be willing to take that risk.

Take GameStop for example. After the company’s initial announcement about its Bitcoin strategy on Tuesday afternoon, it sparked a rally in its shares that saw the stock go up by the time the markets closed on Wednesday.

Unfortunately, after the company provided additional information about the bond sale, sentiment around the stock seemed to sour and it fell. By Thursday, it was down 25% to $21.36 as of 1:47 p.m. in New York.

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