Following a cryptic tweet on Sunday, Michael Saylor, the founder of investment firm Strategy, announced a major Bitcoin acquisition worth nearly $430 million. The purchase includes 4,020 BTC acquired at an average price of $106,237 per bitcoin, resulting in a substantial holding of over 580,250 BTC. This latest move comes as the cryptocurrency’s market value has surged to a new all-time high above $110,000, bringing Strategy’s holdings to an estimated $64 billion.
Saylor’s strategy is characterized by his unwavering conviction in Bitcoin, asserting that he only invests with funds he considers non-disposable. This bold stance has fueled speculation about his long-term commitment and the impact on the company’s stock price which saw a dip following the announcement.
The tweet from Saylor further fueled the narrative around his investment strategy: ‘I only buy bitcoin with money I can’t afford to lose.’ This sentiment underscores his approach, highlighting the high stakes involved in this Bitcoin buying spree. However, Strategy’s stock performance has not mirrored the dramatic market gains witnessed by BTC.
The announcement comes just days after Saylor hinted at a substantial purchase on social media. The timing of the acquisition raises questions about whether it reflects an attempt to hedge against potential downturns or capitalize on Bitcoin’s continued bullish momentum.