Michael Saylor Teases Another BTC Purchase

Strategy moves forward openly: accumulating bitcoin, no matter the price. However, when the company announces a $1 billion fundraising and Michael Saylor subsequently publishes an enigmatic message, the strategy takes on a whole new dimension. Within hours, the markets stir, speculation resumes. The businessman revives the interest of the entire ecosystem and reinforces the idea that Strategy is much more than a tech company : a strong institutional signal in favor of bitcoin.

An unprecedented fundraising to finance Strategy’s bitcoin appetite

In an official statement dated June 8, Strategy revealed the launch of a $1 billion fundraising, an operation that quadruples its initial target of $250 million, even as the company faces legal pressures after accumulating over 7,000 BTC .

To do this, the company led by Michael Saylor offers an issuance of Series A preferred shares, a structure rarely used in the tech sector but designed to attract yield-seeking investors.

The published document states :

The company intends to use the net proceeds from this offering for general corporate purposes, including the purchase of bitcoins.

This is therefore not a hypothetical financing but rather a direct lever to strengthen its exposure to bitcoin.

Here are the main characteristics of this fundraising :

• The targeted amount : 1 billion US dollars ;
• Number of shares issued : 11.76 million units ;
• Type of shares : Series A (perpetual preferred shares) ;
• Unit price : 85 dollars per share ;
• Dividend : 10 %, non-cumulative (i.e., not carried forward if not paid in a year) ;
• Estimated net proceeds (after expenses) : approximately 979 million dollars.

This financial format, closer to “private equity” than traditional common stock fundraisings, allows Strategy to attract institutional capital seeking stable returns while equipping itself with new means to execute its bitcoin accumulation plan.

The inability to accumulate dividends limits the company’s commitment in case of cash flow difficulties, while the high yield acts as a strong incentive to subscribe, despite the risk of extreme concentration of activity on a single speculative asset.

A cryptic message and a continuous bitcoin accumulation strategy

A few hours after the fundraising announcement, Michael Saylor posted a rather enigmatic message on the social network X (formerly Twitter) : “Send more Orange.”

This phrase, supported by the release of a chart showing the company’s bitcoin holdings, immediately sparked observers’ interest.

Known to precede BTC purchase announcements, Saylor’s coded messages now serve as an implicit indicator in the ecosystem. If this hypothesis is confirmed, this would be the ninth consecutive week of bitcoin purchases by Strategy.

Recall that the company acquired 705 BTC between May 26 and June 1, for a total amount of approximately $75 million, at an average price of $106,495 per bitcoin, a purchase made near all-time highs.

These acquisitions bring the company’s total holdings to 580,955 BTC, valued at about $61.4 billion according to SaylorTracker data .

With an unrealized gain of nearly $20.6 billion, Strategy solidifies its position as the largest institutional bitcoin holder in the world, ahead of countries like the United States or China, and far ahead of Marathon Digital Holdings, the second-largest institutional holder.

This intensive accumulation strategy, which grants Strategy proxy status for bitcoin exposure through a publicly traded company, provokes as much admiration as concern. If the market remains bullish, the company could capture a significant portion of BTC-related investment flows. However, in the event of a sharp reversal, its near-total dependence on a single asset could expose its shareholders to an unprecedented level of risk.

The use of hybrid financial instruments and the high frequency of acquisitions create a situation in which Strategy is no longer merely betting on bitcoin but appears to be actively seeking to influence its trajectory. It remains to be seen how long this strategy can hold, and whether the market will continue to follow Saylor or eventually test him, as suggested by this scenario where state backing could propel BTC to $500,000 .