- Strategy’s rough patch
- An awkward metaphor
Strategy co-founder Michael Saylor has teased a “big week” in his recent social media post, apparently alluding to more Bitcoin accumulation.
The controversial executive typically posts a chart with orange dots before announcing BTC purchases on Monday.
Based on Saylor’s recent CNBC interview, the next announcement is on track to be quite significant. The 60-year-old executive said that it would be “pleasantly” surprising, claiming that the company was actually in the process of “accelerating” its purchases.
The yet-to-be-announced purchase is unlikely to push the price of Bitcoin higher. The cryptocurrency is currently on the verge of collapsing below $94,000, according to CoinGecko data.
However, it might boost investor confidence in the struggling company, whose recent BTC announcements were rather underwhelming. On Oct. 20, for instance, Strategy announced that it had bought roughly $19 million, which was one of its smallest purchases of the year.
Strategy’s rough patch
The Virginia-headquartered business intelligence firm remains the largest corporate Bitcoin holder by a huge margin, with a total of 684,412 BTC.
However, the high-flying company is currently in a rough patch, with its shares collapsing by a whopping 56% from the July peak of $457.
The company’s premium relative to the Bitcoins that it currently holds has shrunk dramatically, meaning that the arbitrage-like strategy pioneered by Saylor is under threat.
An awkward metaphor
Saylor recently attracted mockery on the X social media network after posting an AI-generated picture of himself escaping a sinking ship on a lifeboat during a storm.
Many interpreted this as Saylor abandoning Bitcoin (or his company’s retail investors) amid a major price crash.
The viral post has attracted more than 10 million impressions on the X social media network.
Famed short seller Jim Chanos, who recently exited his short MSTR position, also poked fun at the awkward metaphor.
Recently, however, Saylor denied social media rumors about Strategy selling some of its Bitcoin holdings.