Strategy’s co-founder and former CEO, Michael Saylor, took it to X earlier today to post another cryptic comment, which the community is trying to decipher.
Alongside a chart showing that the company’s over 110 BTC purchases made in the past six years, Saylor said, “We’re ₿ack.” Naturally, most comments below
Recall that Strategy’s latest announced bitcoin purchase came on June 22, as it was completed in the week between June 15 and 21. It paused its BTC accumulation strategy for the following two months and even announced a couple of sales.
It focused primarily on rebuilding its USD reserve, which climbed above $6.5 billion last week after the latest initiatives. The second came in the form of establishing a new program, called USD Cash, which now consists of $1.59 billion, alongside its regular greenback reserve of $5.1 billion.
In addition, Strategy continued repurchasing its STRC shares. The high-yield variable-rate preferred stock slumped far away from its par price of $100 to $75 a few months ago, but it recovered significantly to over $97 last week.
While some users anticipate a new purchase to be announced on Monday, others warned that Saylor’s latest message refers to something else: his company’s position turning green.
Bitcoin’s price recovered significantly in the past week and a half, surging from under $65,000 to over $78,500 as of press time. Given Strategy’s average accumulation cost of $75,653 per BTC, this means that the firm is now in profit for the first time since May. Its position was deep in the red (on paper) of over $10 billion until several weeks ago.
On the topic of when Strategy will start buying bitcoin again, the current CEO, Phong Le, recently shed some light, indicating that this could occur by the end of the year, without providing more details.
Source: CryptoPotato
