Strategy co-founder Michael Saylor signaled an impending Bitcoin (BTC) purchase by the company amid the recent dip from the all-time high of $112,000 reached on May 22.
“I only buy Bitcoin with money I can’t afford to lose,” Saylor wrote to his 4.3 million followers in an X post.
The company’s most recent purchase of 7,390 BTC on May 19, valued at nearly $765 million, brought Strategy’s total holdings to 576,230 BTC.
If Strategy completes the acquisition on May 26, it will mark the company’s seventh consecutive week of Bitcoin purchases.
Strategy has become synonymous with Bitcoin, as the company continues stacking large amounts of BTC for its corporate treasury and inspiring other companies to pivot to a Bitcoin treasury plan, creating a sustained demand for the digital asset from institutional players and helping bolster the price of BTC.
Related: Jim Chanos takes opposing bets on Bitcoin and Strategy
BTC to propel Strategy into a $10 trillion enterprise, leaving other companies in the dust?
Market analyst Jeff Walton recently said that Strategy may become a $10 trillion company and potentially command the title of the most valuable publicly traded corporation in the world due to its growing Bitcoin stockpile.
“Strategy holds more of the best assets, and the most pristine collateral, on the entire planet than any other company, by multiples,” Walton told the Financial Times in a documentary about the company.
The analyst added that most companies typically face challenges raising hundreds of millions of dollars in capital, but Strategy has been able to raise billions of dollars in under two months.
Whereas most companies would spend this capital to overhaul the production process or on operational costs, Strategy uses the depreciating fiat money raised from creditors and equity holders to purchase a rapidly appreciating asset for its balance sheet.
Michael Saylor previously forecasted that the price of Bitcoin would reach millions of dollars per coin in the coming decades, arguing that the supply-capped asset features an asymmetric upside against all fiat currencies that have no supply cap.
However, Bitcoin has struggled to reach the $150,000 level in the short term. Saylor blamed the sluggish price action on investors taking profits prematurely and rotating out of BTC due to a lack of long-term conviction.
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