Strategy (MSTR) Executive Chairman Michael Saylor reported that the largest publicly traded Bitcoin holder bought more of the largest cryptocurrency over the past week.
“No more Orange,” Saylor wrote in an article 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 an official announcement on Monday.
Given that common stock fell 6% during the week, closing below $150 per share, it is likely that the company’s ability to raise capital through on-the-market (ATM) sales was limited, thereby limiting the amount of BTC acquired.
Stretch (STRC), Strategy’s perpetual preferred stock, has been trading below its $100 par value all week, preventing the company from issuing shares through the ATM program linked to that instrument. It recently increased the dividend rate on the stock to help drive up the price.
The company has acquired around 40,000 BTC since the start of the year, bringing its bitcoin total to around 712,647 BTC.
At press time, bitcoin was trading around $78,000.
