Former CEO of MicroStrategy, Michael Saylor, shared a cryptic Bitcoin message that sparked speculation. Saylor’s post raised the possibility of another BTC accumulation by MicroStrategy.
Michael Saylor looking to make the most of the slump?
Crypto billionaire Michael Saylor shared a post with a picture of an apple and the BTC logo. This led to comments that Saylor’s company may be considering purchasing more Bitcoin. Because MicroStrategy has a BTC strategy that it has been implementing without fail for the last three years. Since August 2020, the business intelligence and software firm has been buying BTC at every opportunity. He eventually became one of the largest holders of Bitcoin.
The biggest investors are probably looking to fill their BTC portfolios right now and take advantage of the price drop. Frankly, that’s probably what Michael Saylor meant with his cryptic post. In his cryptic message, Saylor said, “Take another bite of the apple. “Bitcoin,” he wrote.
MicroStrategy’s Bitcoin strategy
Meanwhile, Bitcoin has been falling for several days for a number of reasons, including the unusual breakdown of Grayscale’s liquidation of GBTC and FTX. Since the SEC approved an application for a spot Bitcoin ETF that would lead to direct investment in the cryptocurrency, the price has fallen more than 20%. The leading cryptocurrency saw an initial rise to around $49,000. But it was only a matter of time before Bitcoin headed for the red line. At the time of writing, BTC was trading at $39,286, down 3.48% in the last 24 hours. Buying BTC at the current market price could be a good move for MicroStrategy, especially if a bullish recovery follows immediately.
As of December 26, MicroStrategy purchased 14,620 BTC for approximately $615.7 million. This brings the average purchase price per Bitcoin to $42,110. In total, the firm’s total BTC portfolio consisted of 189,150 units purchased for approximately $5.9 billion. This brings the average cost per BTC in this comprehensive holding to $31,168. With the BTC price currently around $39,000, MicroStrategy sees a reduction in the average cost of each BTC unit in its portfolio. The firm, led by Michael Saylor, previously sold MSTR shares to buy more BTC. Therefore, it is worth noting that he underlines his commitment to this Bitcoin strategy.
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