Saylor Signals Potential Bitcoin Acquisition Following $711M Capital Raise
MicroStrategy co-founder Michael Saylor suggested a forthcoming Bitcoin (BTC) purchase in a Sunday post on X. Saylor’s post included a Bitcoin chart with the caption “Needs more Orange,” interpreted as a signal of an impending acquisition.
SaylorTracker data indicates MicroStrategy’s Bitcoin holdings totaled 499,226 BTC as of March 17, following a purchase of 130 BTC for $10.7 million.
This acquisition, one of MicroStrategy’s smaller purchases, occurred after a two-week pause in buying activity.
On March 21, MicroStrategy finalized a preferred stock offering at $85 per share with a 10% coupon, expecting to generate $711 million in capital.
Saylor Advocates for Bitcoin Adoption
Michael Saylor actively promotes Bitcoin as a treasury reserve asset for corporations and encourages the U.S. government to increase its Bitcoin reserves.
Saylor advocates for the U.S. government to acquire 25% of Bitcoin’s supply by 2035 and proposed a comprehensive digital asset strategy for the U.S. government titled “A Digital Assets Strategy to Dominate the 21st Century Global Economy.”
At a recent Blockworks event, Saylor reiterated his bullish stance on Bitcoin, emphasizing its superior investment attributes compared to other commodities.
MicroStrategy’s Bitcoin Investment Remains Profitable
Despite recent market volatility, MicroStrategy’s Bitcoin investment shows unrealized gains exceeding $9.3 billion, representing a 28% increase.
Bitcoin’s price recently fluctuated between $84,968 and $85,168, with a market capitalization of $1.68 trillion and a 24-hour trading volume of $10.64 billion.
Market Anticipates Potential Bitcoin Price Impact
Historically, MicroStrategy’s Bitcoin purchases have correlated with market uptrends, suggesting a potential positive price impact from further acquisitions.
However, analysts offer varied predictions for Bitcoin’s future price, ranging from continued upward momentum to potential further corrections.
Also Read: Michael Saylor believes that the United States should buy 20% of the Bitcoin network
