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BTC Michael Saylor hints that Strategy may continue to increase its holdings in Bitcoin
Michael Saylor, Executive Chairman of Strategy, hints that the company may further acquire Bitcoin (BTC) by releasing a widely known "acquisition chart" with the title "More orange than ever before."
According to a September 28 filing with the U.S. Securities and Exchange Commission (SEC), the company, which is known for holding bitcoins, confirmed the purchase of 1,665 bitcoins worth approximately $142.7 million. After this purchase, the total number of bitcoins it holds has reached 847,666.
Encrypted signals spark market speculation
Saylor's latest implicit news has intensified market speculation about another round of bitcoin purchase announcements. Between September 21 and September 27, Strategy purchased 1,665 bitcoins at an average cost of $85,681 per coin and spent $142.7 million. However, Saylor's post did not specify the specific date of the purchase or the amount of bitcoins he planned to acquire.
Strategy resumed Bitcoin acquisition activities after a ten-week suspension. It ended its previous purchase of hiatus in August by acquiring 4,603 bitcoins (worth $370 million). Saylor's post follows two consecutive weekly purchases in September:
- On September 21, Strategy announced that it had purchased 950 bitcoins for $75.7 million, shortly after Saylor posted a post the day before suggesting an imminent purchase.
- On September 27, Saylor posted a similar trailer, and the next day Strategy announced that it had purchased 1,665 bitcoins for $142.7 million.
Currently, the company holds 847,666 bitcoins worth approximately US$72.5 billion.
Stock offering plan funds latest acquisition
Strategy Corporation funded the latest acquisition by selling its MSTR common stock. According to the company's SEC filings, between September 21 and September 27, the company sold 1,469,165 shares of MSTR stock and received $246.2 million in funding. Of this,$142.7 million was used for the latest Bitcoin purchase,$103.5 million was used to repurchase STRC preferred shares, and an additional $48.1 million came from existing cash reserves to repurchase STRC preferred shares.
Strategy currently has US$5.02 billion in U.S. dollar reserves and US$1 billion in USD cash. In addition, there is $18.84 billion worth of MSTR available for issue, as well as $17.51 billion of STRC,$4.01 billion of STRD,$2.1 billion of STRK and $1.62 billion of STRF. According to Strategy's market dashboard, its current mNAV multiple is 1.20 times, while MSTR shares are trading at $160 per share.
Although stock sales are a key means of financing Bitcoin acquisitions, this strategy, while allowing companies to raise funds for future purchases, dilutes existing investors 'shareholdings. In addition, companies must maintain a delicate balance between purchases and the capital needed to meet debt obligations.
Capital flows back to Bitcoin
Strategy's latest Bitcoin acquisition comes at a time when spot Bitcoin ETFs continue to record net inflows. In the past 10 trading days, these ETFs have seen outflows on only one day, attracting more than $2.62 billion in funds during the period. According to a quick analysis by CryptoQuant, the spot Bitcoin ETF has increased its holdings of 88,000 bitcoins since July, and the price climbed from approximately US$59,500 to US$85,000 on October 4.
CryptoQuant CEO Ki Young Ju expressed a bullish view while discussing the current cycle with analyst XWIN Japan. He believes that the bear market has ended in the summer and a new cycle is beginning. XWIN Japan's report pointed out that reduced selling of whale addresses, increased inflows from accumulated addresses and favorable MVRV (Market Capitalization to Realized Value Ratio) characteristics are key factors driving Bitcoin's recent price rise.
