Michael Saylor has confirmed that Bitcoin treasury company Strategy skipped out on Bitcoin accumulation this week, opting to buy bonds instead.
Strategy Has Paused Bitcoin Accumulation For Now
In a new post on X, Strategy co-founder and chairman Michael Saylor revealed that the company didn’t buy Bitcoin during the past week. This post was the latest in the line of Saylor’s regular Sunday posts, which always come with an image of the firm’s portfolio tracker and often, the chairman includes a caption that hints at Strategy’s next Monday purchase announcement. This time, however, Saylor explicitly ruled out more accumulation.
Though this doesn’t mean that Strategy sat idle in the last week. “This week we bought bonds, not bitcoin,” noted Saylor in the post. The pause in buying has come after the treasury company announced a 24,869 BTC mega-acquisition last Monday.
This buy cost the company a whopping $2.01 billion. As the portfolio tracker shared by Saylor shows, the firm’s holdings have grown to 843,738 BTC following the purchase.
The acquisitions made by Strategy since it started BTC accumulation back in 2020 | Source: @saylor on X
Strategy’s cost basis per token is $75,701, so at the current Bitcoin spot price, the company’s holdings are in a profit of about 2.6%. This is relatively minor, but still an improvement from when the firm was underwater between February and April.
While Strategy has skipped out on an acquisition this Monday, it doesn’t mean that the treasury company is halting things altogether. Saylor hinted at this in the post, saying, “The ₿itVac is charging.” ₿itVac here is likely a shorthand for “Bitcoin Vacuum,” which is what the firm acts like when it comes to the cryptocurrency.
Recently, Strategy announced that it has filed to repurchase $1.5 billion of its convertible senior notes due in 2029. The news has come amid Saylor floating the idea of BTC sales, so it’s possible that the treasury firm could participate in distribution to fund this repurchase.
In some other news, the Bitcoin spot ETFs saw their second-straight week of outflows last week, according to data from SoSoValue.
Looks like the spot ETF netflow has been red recently | Source: SoSoValue
The spot ETFs here refer to investment vehicles that allow investors to gain indirect exposure to Bitcoin. As the above chart shows, the netflow related to such funds based in the United States has been negative during the last two weeks, indicating that a net amount of capital has been leaving the market.
These two weeks of outflows have come after six weeks of inflows. Whether the red netflows are the start of a new trend only remains to be seen.
BTC Price
Bitcoin briefly dipped under the $75,000 level during the weekend, but the coin has since surged back to $77,400.
The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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