MSTR Resumes Bitcoin Buying With $330M Purchase, Following Michael Saylor’s ‘Back To Work’ Post

• Strategy spent nearly $330 million to acquire 4,871 Bitcoin over the past week.
• Retail sentiment on Stocktwits around MSTR’s stock remained in ‘bullish’ territory over the past week.
• However, some retail traders expressed caution, with one comparing chairman Michael Saylor’s Bitcoin accumulation strategy to the Hunt brothers’ attempt at cornering the silver market in the 1980s.

Strategy (MSTR) announced on Monday that it has spent nearly $330 million on buying 4,871 Bitcoin (BTC) over the past week after executive chairman Michael Saylor hinted that the company would be resuming its BTC purchases after last week’s pause. 

“Back to work,” Saylor said in a post on X on Sunday, with a signature “orange dots” chart signaling Bitcoin purchases. Strategy said it acquired 4,871 Bitcoin for $329.9 million at $67,718 per BTC over the past week. The company now holds a total of 766,970 Bitcoin acquired at around $75,644 per Bitcoin, which puts its holdings at a loss of over 8%.

MSTR Stock Gains Amid Bitcoin Rally

MSTR’s stock rose over 4% as markets opened on Monday amid a broader rally in the cryptocurrency market. Retail sentiment around the company on Stocktwits trended in ‘bullish’ territory over the past day, while chatter stayed at ‘high’ levels.

MSTR’s stock rose in tandem with Bitcoin’s price, which gained 3.8% in the last 24 hours, climbing towards $70,000. However, retail sentiment around the apex cryptocurrency trended in ‘bearish’ territory over the past day, while chatter rose to ‘normal’ from ‘low’ levels.

What Are Retail Traders Saying About MSTR’s Stock?

One user on Stocktwits compared Saylor’s strategy of Bitcoin accumulation to Nelson Bunker Hunt and William Herbert Hunt attempting to corner the silver market in the 1980s, stating that MSTR’s executive chairman was trying to create a “false sense of demand.” The brothers faced bankruptcy after the price of silver plummeted by over 50% in March 1980 and were banned from commodity trading.

Another retail trader on the platform predicted that MSTR’s stock could hit $150 this week, an upside of 20% from current levels. 

MSTR’s stock has fallen nearly 20% year-to-date, at par with Bitcoin’s price. Commonly called the ‘Bitcoin proxy’, the company’s performance remains heavily dependent on Bitcoin’s price trajectory.

Read also: Bitcoin Nears $70K On US-Iran Ceasefire Talks, $270 Million Shorts Wiped Out

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