Michael Saylor signals another bitcoin buy as BTC price slumps to $78,000

Strategy (MSTR) Executive Chairman Michael Saylor indicated that the largest publicly traded holder of bitcoin $BTC$78,358.92 bought more of the largest cryptocurrency over the past week.

“More Orange,” Saylor wrote in an X post on Sunday morning.

For months, Saylor has typically previewed Strategy’s bitcoin purchases with a weekend post referencing orange dots, a signal that is usually followed by a formal announcement on Monday.

Given that the common stock fell 6% over the week, closing below $150 per share, it is likely the company’s ability to raise capital through at-the-market (ATM) sales was constrained, limiting the amount of $BTC acquired.

Stretch (STRC), Strategy’s perpetual preferred stock, traded below its $100 par value for the entire week, preventing the company from issuing stock through the ATM program tied to that instrument. It recently increased the dividend rate on the shares to help lift the price.

The company has acquired roughly 40,000 $BTC since the start of the year, bringing its total bitcoin holdings to approximately 712,647 $BTC.

As of press time, bitcoin is trading around $78,000.

Source