Michael Saylor, former CEO of MicroStrategy known for his unwavering belief in Bitcoin, recently posted a cryptic message on social media, sparking speculation among the crypto community about the company’s potential plans to purchase more Bitcoin.
MicroStrategy has consistently followed a Bitcoin acquisition strategy since before the last bull market, becoming one of the largest Bitcoin holders through persistent buying since August 2020.
Despite Saylor’s intriguing post, Bitcoin’s price continues to fall due to various factors, including the Grayscale GBTC and FTX events, and has dropped over 20% following the SEC’s approval of Bitcoin ETFs for direct investment.
Bitcoin’s price briefly rose to around $49,000 but then plummeted, currently stabilizing at approximately $39,458.05. Investors like Saylor, who capitalize on market downturns, may be preparing to increase their Bitcoin holdings.
MicroStrategy’s last disclosed purchase was 14,620 BTC for about $615.7 million, with an average price of $42,110 per Bitcoin. The company’s total Bitcoin portfolio is valued at around $5.9 billion, holding 189,150 BTC with an average cost of $31,168 per Bitcoin. Any new purchase at the current price level could reduce the average cost per Bitcoin in their portfolio.