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Michael Saylor fueled speculation on Sunday that Strategy Inc.(NASDAQ:MSTR) could resume its Bitcoin(CRYPTO: BTC) purchases following a pause of more than two months.
Saylor Sparks Intrigue
Saylor posted the company’s accumulation chart on X, using orange circles or “dots” to highlight the firm’s Bitcoin purchases.
“We’re ₿ack,” he wrote.
In many cases, these weekend posts preceded purchase disclosures on the following Monday. But a lot has changed in the past few months.
Will Strategy Start Buying BTC Again?
Strategy, the world’s largest corporate Bitcoin holder, has paused its BTC purchases, with the last reported acquisition on June 22.
The company shifted focus to capital raising, strengthening cash reserves and managing its balance sheet. It also began selling its Bitcoin, undermining the “never sell” thesis that bullish investors had relied on.
As of this writing, Strategy holds 840,447 BTC, worth more than $72 billion. The company has nearly $9 billion in unrealized losses on its Bitcoin holdings.
Saylor’s comments came after Bitcoin rebounded in the second half of August, rising to $80,000. The cryptocurrency has gained 23% in the past month.
Price Action: At the time of writing, BTC was trading at $77,822.59, down 0.38% in the last 24 hours, according to data from Benzinga Pro.
MSTR stock fell 1.35% in pre-market trading after gaining 4.99% to close at $97.68 during Monday’s regular session.
Benzinga’s Edge Stock Rankings show that Strategy stock has underperformed over the long term, despite displaying strong price trends across short- and medium-term timeframes.
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Source: www.benzinga.com