Big Bitcoin Buy Incoming? Michael Saylor Playful BTC Tweet
On Sunday, MicroStrategy executive chairman Michael Saylor posted on X, “We’re going to need a bigger truck,” with the Bitcoin hashtag. Could he be hinting at bold crypto moves ahead for his company?
We’re going to need a bigger truck. #Bitcoin pic.twitter.com/4cReSyYdrl
— Michael Saylor
(@saylor) August 18, 2024
“Gonna need a whole fleet,” answered a Solana meme coin project in response to Saylor’s weekend Bitcoin post, meanwhile adding a puppy with lazer eyes to their reply.
Under the leadership of founder Michael Saylor, an MIT graduate, the Virginia-based tech business intelligence and cloud services company has been acquiring Bitcoin like there’s no tomorrow.
Saylor’s peers in the Bitcoin community online vehemently agree with his company’s strategy.
MicroStrategy’s Bitcoin Buying Spree
Earlier this month, MicroStrategy announced it would be raising $2 billion to buy more Bitcoin by selling corporate shares. The company announced its Class A share sales in a regulatory filing with the U.S. Securities and Exchange Commission on Aug. 1.
In Q2 2024, from the beginning of April through June, MicroStrategy bought 12,222 BTC for $805 million, bringing its total Bitcoin on hand to 226,500 BTC, at a total cost to MicroStrategy of just $8.3 billion.
At the prevailing Bitcoin price on crypto exchanges Sunday, Aug. 18, that Bitcoin pile is worth some $13.5 billion. According to a new SEC filing, South Korea’s pension fund recently bought $34 million MSTR shares, which could be the inspiration behind Saylor’s tweet Sunday.
MSTR Shares Might Be On Sale
MicroStrategy stock may be on sale, but on-chain Bitcoin could provide investors with more security while being just as easy to acquire as stocks in 2024.
The reason MSTR stocks could be on sale: they’re now trading at around $130 per share. That makes them 90% cheaper after a 10-to-1 stock split to make the stock more affordable to a wider range of investors.
Amazon has done this a handful of times in its history as a publicly traded company. It signals that the company and financial markets see its stocks as a high-growth investment with big upside left in the future.
But retail investors who want to keep it simple are sticking with “hodling” their on-chain Bitcoin in wallets. Or they prefer day-trading it in Bitcoin price markets on crypto exchanges to accumulate faster.
Although in August, markets are exercising caution across the board and in crypto markets. Here are three bearish and two bullish signs to look out for regarding Bitcoin price in August.
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