Strategy co-founder Michael Saylor has hinted his firm added to its Bitcoin holdings after the cryptocurrency slid more than 13% over the weekend, briefly pushing the company’s large BTC position into the red.
“More Orange,” the Strategy executive chairman posted to X on Sunday alongside a chart showing his firm’s $55 billion worth of Bitcoin purchases since August 2020. Saylor often posts the chart as a signal that his company has bought or plans to buy Bitcoin.
Source: Michael SaylorIt would mark Strategy’s fifth Bitcoin (BTC) purchase this year, with its largest coming on Jan. 20, when it bought 22,305 Bitcoin. Strategy is by far the largest Bitcoin treasury company, with over 712,647 Bitcoin on its balance sheet.
Strategy’s early Bitcoin purchases, along with Bitcoin’s rising price, have meant that over the last five years, the company has mostly been profitable from its Bitcoin holdings.
However, Bitcoin’s fall from $87,970 to $75,892 over the weekend briefly pushed it below Strategy’s cost basis of $76,040, before Bitcoin later rebounded to $76,765.
The crash came after US President Donald Trump nominated former Federal Reserve governor Kevin Warsh to replace Jerome Powell as the central bank’s chair on Friday.
While Warsh has spoken favorably of Bitcoin, he is widely seen as a more hawkish Fed chair pick who would push for fiscal restraint, lower inflation, and an exit from quantitative easing.
Gold and silver also fell significantly on Trump’s announcement — dropping by double digits after a multimonth rally to new highs — while the Standard and Poor’s 500 stock market index fell roughly 0.43%.
Crypto market sentiment is at a six-week low
Crypto market sentiment also appears to be worsening, with former Binance CEO Changpeng ‘CZ’ Zhao stating on Saturday that he is now “less confident” about the “Bitcoin supercycle” he predicted last month.
Related: $1.82B pulled from spot Bitcoin and Ether ETFs amid metals rally
“Given all the FUD and all the emotions that were stirred up in the community, I’m less confident about it now,” he said during a Binance Square Ask Me Anything stream.
The Crypto Fear & Greed Index score fell six points to 14 out of 100 on Sunday, the lowest score in over a month.
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Source: https://cointelegraph.com/news/strategy-hints-bought-bitcoin-after-weekend-crash?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
