Saylor signals another Strategy bitcoin buy as price falls

What happened

Michael Saylor, founder and executive chairman of Strategy Inc., used a Nov. 15 post on X to share a SaylorTracker.com chart that marked 121 purchase events against bitcoin's price. The caption read 'This dip could use a little orange.' Bitcoin.com News and CoinGape both treated the post as a hint that Strategy had bought more bitcoin during a sharp market decline. CoinGape noted that similar Sunday posts have often come before a purchase disclosure the following week.

The hint followed a comparable post a week earlier captioned 'Connecting the dots.' Strategy then disclosed that it bought 1,036 bitcoin for about $81.9 million during Nov. 2-8, lifting reported holdings to 850,364 BTC. The company said the latest batch carried an average price of $79,012. Common-stock sales financed the purchases and $188.3 million of repurchases of STRC preferred shares, according to Bitcoin.com News.

Another bitcoin treasury firm also signaled buying. Strive Chairman and CEO Matt Cole posted a tracker image on Nov. 15 with the caption 'Bitcoin's cheap, we want more.' CoinGape reported that Strive has bought bitcoin every week since July 2 and holds 43,153 BTC, making it the fourth-largest bitcoin treasury company behind Strategy, Metaplanet and Twenty One Capital.

Why it matters

Saylor's purchase posts are closely watched because Strategy is the largest corporate bitcoin holder, with 850,364 BTC, or about 4.05% of bitcoin's maximum 21 million supply, according to Bitcoin.com News. Buying into a decline can be read as a statement of conviction, but the company's holdings were below their average acquisition cost at the time of the reports. CoinGape noted that Strategy stock was down more than 27% year-to-date, while Strive's stock was up more than 40%, a contrast that highlights how investors are treating different treasury models.

What the data shows

Bitcoin.com Markets data updated at 1:34 a.m. UTC on Nov. 15 put bitcoin at $62,479, down 8.48% over 24 hours, 16.27% over one week, 22.77% over one month and 33.05% over one year. The SaylorTracker chart Saylor shared showed a reserve value of $55.7 billion against a disclosed acquisition cost of $64.16 billion, implying an unrealized loss of about $8.46 billion; the tracker separately displayed a 13.50% loss of $8.69 billion. CoinGape, citing DropsTab, reported an unrealized loss above $9.5 billion and said bitcoin had fallen as low as $62,000. The differing loss figures reflect different data sources and snapshots. At the disclosed holding level, Bitcoin.com News said every $1,000 move in bitcoin changes the reserve's market value by about $850 million.

Background

Strategy has funded bitcoin accumulation through common-stock sales and preferred shares. A day before the buying hint, Saylor highlighted the dividend-inclusive monthly return of its STRC preferred stock, also called Stretch, showing a 1% return while bitcoin fell 17.3%. The figures used data through Nov. 13 and counted payouts without assuming reinvestment. Bitcoin.com News noted that preferred-share payouts depend on company funding, and STRC's market price can move independently of bitcoin. As of Nov. 8, Strategy held a $4.77 billion reserve designated for preferred-stock dividends and debt interest, plus $146.2 million in separate cash.

What to watch

The next test is whether Strategy confirms another purchase in a subsequent disclosure, as it did after the earlier 'Connecting the dots' post. Also in view is the MSCI USA Index deletion: MSCI listed Strategy's Class A stock among 24 deletions, with changes taking effect after the Nov. 30 close, subject to adjustments before implementation. Strategy has said MSCI-linked funds held about 13 million shares, or 3.1% of its basic shares outstanding. CoinGape reported that the index exclusion also covers Metaplanet.

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