Michael Saylor hints at new Bitcoin purchase after $711M capital raise

Strategy co-founder Michael Saylor has hinted at another Bitcoin (BTC) purchase on his Sunday X post.

On the post, Saylor shared a BTC chart on X suggesting a forthcoming buy the following day. He noted, “Needs more Orange.”

Strategy’s Bitcoin holdings near 500K BTC despite market volatility

According to SaylorTracker, Strategy last purchased Bitcoin on March 17, acquiring 130 BTC worth $10.7 million. This brought the company’s total holdings to 499,226 BTC.

Strategy’s March 17 BTC acquisition represents one of its smallest purchases on record and came after a two-week break in buying.

On March 21, Strategy announced the pricing of its latest preferred stock offering, selling shares at $85 each with a 10% coupon. The company expects to raise approximately $711 million from the sale.

Michael Saylor remains a vocal advocate for Bitcoin, influencing numerous publicly traded companies to adopt BTC as a treasury asset while urging the US government to increase its holdings of the scarce digital asset.

Saylor has been pushing the US government to acquire 25% of Bitcoin’s total supply by 2035 — when 99% of the total BTC supply has been mined.

He also proposed that the US government adopt a comprehensive framework for all digital assets in a proposal titled “A Digital Assets Strategy to Dominate the 21st Century Global Economy.“

At the recent Blockworks Digital Asset Summit, Strategy co-founder Michael Saylor delivered his 21 Truths of Bitcoin speech, telling the audience:

“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.”

Despite the recent market downturn, Strategy is up over 28% on its Bitcoin investment, with more than $9.3 billion in unrealized gains.

Will Strategy’s next move ignite a Bitcoin rally?

Over the past hour, Bitcoin’s price has ranged between $84,968 and $85,168. Its market cap stands at $1.68 trillion, with a global trading volume of $10.64 billion over the past 24 hours. The cryptocurrency has since traded within an intraday range of $1,551 between $83,682 and $85,233 and is now 21.7% off of its Jan. 20, 2025, all-time high.

Strategy’s continued accumulation strategy has historically proved a bullish signal for the market, with past purchases correlating with price rebounds. Should the company make good on another acquisition, it could fuel renewed buying pressure, possibly affecting Bitcoin’s short-term direction.

Analysts are divided on BTC’s next move, with predictions ranging from a bounce up to new highs to caution that further corrections might be needed before any sustained upside momentum can resume.