Bitcoin advocate Michael Saylor has hinted at another Bitcoin acquisition by Strategy yet again. For this, he posted one of his favorite market signals on social media.
Michael Saylor Teased New Bitcoin Buy For Strategy
Strategy Executive Chairman Michael Saylor shared a post on X on Sunday, May 31, captioned “Working Better.” The Orange Dots chart, which Saylor has shared over many times when announcing new Bitcoin purchases, accompanied this message.
The post arrives days after the unusual buying deviation of Strategy from its normal buying pattern. The firm didn’t buy more Bitcoin right away, but instead it had made a major debt management deal with its convertible notes outstanding.
Last week, Strategy acquired the entire $1.5 billion principal amount of the 0% Convertible Senior Notes that are due in 2029. The company paid off the debt at a discount of about $1.38 billion, which was all cash. After the transaction, Strategy had a large reduction in convertible debt outstanding.
Meanwhile, the company had been going to work on other fronts, raising funds. Strategy offered another $2 billion notional of its Variable Rate Series A Perpetual Stretch Preferred Stock. It also raised $84 million via the MSTR stock Class A common shares.
These proceeds were used to buy 24,869 BTC worth over $2 billion, according to Strategy’s filing. As of May 25, the Bitcoin treasury firm had 843,738 BTC worth $62.24 billion in its balance sheet and cash holdings of around $871 million.
“These transactions demonstrate the optionality we have built into Strategy’s capital structure and our dynamic, multi-variate capital allocation model,” said Michael Saylor.
He added, “Strategy has the flexibility to fund strategic transactions using cash, Digital Equity, Digital Credit, or Digital Capital, giving us multiple levers to optimize our balance sheet and respond to market conditions.”
Did Strategy Sell BTC?
In the meantime, blockchain tracking crypto tools showed unique transfers of Bitcoin from Strategy-associated wallets. On May 29, on-chain monitoring platform Lookonchain reported that Strategy had moved 411.48 BTC (about $30.3 million) to Coinbase Prime.
The movement was made via two separate transactions, after a small test transaction, according to Arkham data. However, on the next day, Strategy withdrew 411.5 BTC worth of roughly $30.2 million Coinbase Prime. It hinted a buyback move.
Crypto Banter CEO Ran Neuner believes that the move was initiated to record a loss in the tax related paperwork. He cited the tactic as one involving buying Bitcoin higher, selling it lower, and then repurchasing the stash.
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