MicroStrategy Executive Chairman Michael Saylor shared a chart on social media indicating potential new Bitcoin purchases, responding "Conviction" to a user's question about the buying signal.
Michael Saylor's hints about MicroStrategy's continued Bitcoin accumulation signal ongoing institutional demand for the cryptocurrency, potentially influencing market sentiment and price action.
MicroStrategy Executive Chairman Michael Saylor has hinted at another Bitcoin purchase this week through a cryptic social media post. Sharing the "Orange Dots" chart, which tracks the company's Bitcoin acquisitions, with the caption "Still adding dots," Saylor fueled market speculation. He later responded "Conviction" when asked about the buying signal, seemingly confirming the company's continued accumulation of the cryptocurrency.
This potential acquisition follows MicroStrategy's recent announcement of buying $101 million worth of Bitcoin at an average price of $65,332 per coin. The company's total Bitcoin holdings now stand at 845,256 BTC, valued at approximately $54.36 billion. Its cash reserves also reportedly increased to $1 billion.
Separately, MicroStrategy CEO Phong Le addressed concerns about the company being forced to sell its Bitcoin holdings. He noted that approximately $3.5 billion in preferred stock is due in 2028, and while a significant drop in Bitcoin's value and share price could necessitate a sale to cover convertible debt, he described this as an "edge case" and suggested refinancing as a viable alternative.