Key Takeaways
Since April, Strategy co-founder Saylor has posted short, bullish posts on X, followed by strategic purchases of Bitcoin the next day. This time could a repeat of the same pattern.
Strategy (formerly MicroStrategy) co-founder Michael Saylor hinted at another Bitcoin [BTC] purchase on Sunday, the 20th of July. In a post on X, he simply said,
“Stay Humble. Stack Sats.”
Attached was a Saylor tracker chart that showed the company held 601,550 BTC, worth $71.01 billion at the time of writing.
For the uninitiated, Saylor has a habit of posting this chart on Sundays, and it is often followed by an announcement of a Bitcoin acquisition by Strategy on Mondays.
The last purchase was made on the 14th of Julym where the company bought 4,225 BTC for $472.5 billion.
Spot ETF flows also reflected strong demand for Bitcoin. Apart from the 1st of July, every trading day has seen positive inflows for the Bitcoin spot ETFs. This underlined the strong investor demand.
Publicly listed companies continued to add BTC to their holdings. Data from Bitcoin Treasuries showed that 860,766 BTC was held by public companies. The vast majority of them were from the United States.
Saylor to “top blast” Bitcoin to $200k?
Many of the social media reactions reflected bullish enthusiasm. The public expected a $200k target for Bitcoin this cycle. One Twitter denizen posted,
“This is how you REALLY lock in.”
Led by Strategy, Bitcoin treasury companies have been one of the key drivers of BTC demand during the current run. The conviction of Saylor is legendary, as Strategy continued to buy BTC through the bear market.
However, the rising NAV premium during a bull run allows Saylor to issue new equity or convertible notes. They can raise more capital to buy even more BTC, and this positive feedback loop is what Saylor has referred to as “generating Bitcoin yield.”
Over the past month, the company’s stock has rallied 14.68%, from $369.03 to $423.22. Its market capitalization stood at $118.9 billion.
