Michael Saylor posted a cryptic message on X Sunday: “The Orange Century,” along with a screenshot from StrategyTracker showing all prior Bitcoin purchases. Markets have learned to read such posts as a teaser for an upcoming buy announcement. This would mark Strategy's 100th Bitcoin acquisition since it started stacking in August 2020.
The company now holds 717,131 BTC acquired at an average price of $76,027 across 99 buys. It has been adding to its stash every week for the past 12 weeks, funded through convertible debt and equity offerings. The buying spree continues despite Bitcoin trading nearly 48% below its all-time high of $126,080.
Stock down 61%, but 950% since first buy
Strategy's own stock has taken a hit, dropping more than 61% over the past six months. But measured from its first Bitcoin purchase, the equity is still up roughly 950%, according to Google Finance data. The aggressive treasury strategy has raised questions about refinancing risk if crypto prices stay low.
Saylor's $8,000 threshold
Saylor has previously stated that the firm could handle a Bitcoin drawdown to $8,000 per coin without jeopardizing its balance sheet, arguing that leverage is manageable relative to the size of the holdings. At press time, Strategy's total Bitcoin holdings were worth over $47 billion, with an unrealized loss of 13.62%.