In a significant move for the cryptocurrency ecosystem, Michael Saylor, co-founder of MicroStrategy, has hinted at an impending Bitcoin (BTC) acquisition following a successful capital raise through the company’s latest preferred stock offering. This development comes as Saylor continues to advocate for Bitcoin as a valuable asset for treasury allocation.
On a recent post shared on X, Saylor pointed to a Bitcoin chart indicating a potential acquisition in the near future, stating simply, “needs more orange.” The enthusiasm for further Bitcoin investment is not unfounded; according to SaylorTracker, MicroStrategy made its last acquisition on March 17, purchasing 130 BTC valued at approximately $10.7 million, raising its total holdings to an impressive 499,226 BTC.
Source: SaylorTracker
Interestingly, the March 17 acquisition marks one of MicroStrategy’s smallest purchases to date, following a two-week hiatus from buying. By March 21, the company had successfully priced its latest tranche of preferred stock at $85 per share, featuring an attractive 10% coupon rate. These offerings are expected to generate approximately $711 million in revenue for the company.
Michael Saylor has consistently emphasized the importance of Bitcoin, encouraging not only MicroStrategy but also several publicly traded companies to adopt BTC as a treasury asset. His advocacy extends to urging the US government to embrace Bitcoin, proposing that it acquire 25% of Bitcoin’s total supply by the year 2035, leveraging a framework for digital assets that he outlines in his proposal titled A Digital Assets Strategy to Dominate the 21st Century Global Economy.
Source: SaylorTracker
During his recent presentation at the Blockworks Digital Asset Summit, Saylor reinforced his beliefs by sharing his “21 Truths of Bitcoin.” He stated, “Gold still underperforms the S&P Index by a factor of two or more, so there is only one commodity in the history of the human race that was not a garbage investment— the one commodity is Bitcoin— a digital commodity.” This statement encapsulates his position on Bitcoin as a superior investment vehicle.
Despite a recent downturn in the Bitcoin market, MicroStrategy finds itself in a favorable position, reporting an impressive 28% return on its BTC investment and holding unrealized gains exceeding $9.3 billion. Saylor’s proactive stance and commitment to Bitcoin are set to influence the broader financial landscape as the adoption of digital assets continues to gain momentum.
For further reading on Michael Saylor’s recent initiatives and their potential impact on the cryptocurrency market, please visit this link.
