Michael Saylor hints at next Strategy Bitcoin buy after weeklong pause

Michael Saylor posted "back to work" on X on Sunday, signaling a potential Bitcoin purchase after the firm paused buying last week.

Michael Saylor has hinted his Bitcoin treasury firm is back on track with its weekly Bitcoin purchases after taking a rare week off at the end of March.

In an X post on Sunday, Saylor shared a screenshot from StrategyTracker with the caption  "Back to Work.” He often posts the chart ahead of purchase announcements.

The firm took a week off from buying BTC at the end of March, breaking its weekly buying streak for the first time this year. The firm's last purchase was reported on March 23, buying about $77 million worth of BTC at $74,326 per coin.

One of the main avenues Strategy uses to fund Bitcoin purchases is via the sale of its perpetual preferred stock, Stretch (STRC). The stock is designed to generally trade around its par value of $100, which is aided by a monthly dividend adjustment mechanism.

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Strategy issues new shares of STRC and then allocates the proceeds generated from the market into Bitcoin buys. 

According to estimates from STRC.LIVE, Strategy could be set for a purchase of at least 1,821 BTC based on funds raised for the week ending April 3.

Despite the week off, the firm is showing no signs of slowing down. In late March, Strategy announced plans to raise $44.1 billion to fund BTC purchases primarily via the selling of its common MSTR shares and STRC.

According to Strategy's website, the firm has acquired a total of 762,099 BTC for an average cost of $75,694 per coin. At current prices of about $69,100, Strategy's holdings are in the red overall.

However, Bitcoin is in the green over the last month, increasing by 1.2% over the past 30 days, according to data from CoinGecko. The price is still down 20.9% year-to-date amid geopolitical tensions and a challenging macro climate.

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Source: CoinTelegraph