Strategy founder Micahel Saylor has hinted that the firm may be set to execute its 100th Bitcoin purchase as the flagship crypto continues to sink.
Summary
- Michael Saylor’s “The Orange Century” post signals a potential 100th Bitcoin purchase as Strategy’s total holdings reach 717,131 BTC.
- Bitcoin remains nearly 48% below its $126,080 peak.
- Strategy has continued buying for 12 straight weeks, funded by debt and equity financing.
Saylor shared a cryptic X post on Sunday with the caption “The Orange Century” alongside a screenshot from StrategyTracker, which lists all the previous purchases the company has executed since it began buying Bitcoin in August 2020.
Markets largely view such posts from Saylor as a signal that the company is preparing to announce another Bitcoin purchase, as has been the case on multiple occasions in the past.
To date, Strategy has acquired 717,131 BTC at an average price of $76,027 across 99 Bitcoin purchases, which means it is now gearing up for what would mark its 100th acquisition.
Strategy has continued buying Bitcoin over the past six years, even during periods of extreme volatility. The company views Bitcoin as a long-term inflation hedge and store of value, and Saylor remains characteristically undeterred, continuing to double down on his maximalist conviction despite the latest drawdowns.
Strategy has consistently acquired Bitcoin over the past 12 weeks.
Bitcoin price is down nearly 48% from its all time high of $126,080, but despite the challenging market conditions, Strategy has relied on a complex array of financial maneuvers, including convertible debt and equity offerings, to fund its ongoing Bitcoin accumulation strategy.
Strategy shares, in the meantime, have tested investor conviction and are down over 61% over the past six months. However, it was up nearly 950% since its first purchase buy according to data from Google Finance.
The company’s aggressive Bitcoin treasury model has even sparked concerns that it may face refinancing pressure if Bitcoin price weakness persists. But Saylor has assured investors that the firm could withstand a drawdown to $8,000 per coin without jeopardizing its balance sheet, arguing that Strategy’s leverage remains manageable relative to the size of its Bitcoin holdings.
At press time, Strategy’s total holdings are valued at over $47 billion based on current prices, with paper losses of 13.62%.
