“Amid the continued panicky action in crypto, online chatter suggested Strategy was unloading some of its bitcoin stack, a rumor Executive Chairman Michael Saylor shot down Friday morning.”, — write: www.coindesk.com
With bitcoin BTC$96,048.19 and Strategy’s stock continuing their steep slides, Saylor in a Friday morning CNBC appearance said his company remains committed to its BTC accumulation strategy.
“We are buying bitcoin, we’ll report our next buys on Monday morning,” Saylor said, adding that the company is “accelerating [its] purchases,” as he hinted that recent activity on the firm’s wallets will show aggressive accumulation.
That remark comes after online speculation earlier Friday suggested Strategy had been selling bitcoin as bitcoin and MSTR both tumbled. The rumors stemmed from on-chain data showing BTC moving out of company-controlled wallets.
Shortly following the CNBC appearance, Saylor took to X, saying “There is no truth to this rumor.”
As for the plunge in bitcoin and what’s next Saylor — per usual — advised frightened investors to zoom out, noting bitcoin was stuck in a range of $55,000-$65,000 only a bit more than a year ago. Even after the recent plunge, bitcoin at $95,000 today is still showing a pretty great return.
“We’ve put in a pretty strong base of support around here,” said Saylor, who added he’s comfortable BTC could rally from these levels.
MSTR is lower by 4% early Friday and below $200, now down nearly 35% year-to-date. Bitcoin is off its worst levels, but still 5.8% over the past 24 hours at $96,200.
Read more: Strategy Plunges to Weakest in 13 Months, but Still Trades at Premium to Bitcoin Holdings
For investors, the rumors weren’t far-fetched. Strategy now holds more than 641,000 BTC — worth roughly $22.5 billion — while the company’s market cap has fallen below that value. The gap has pushed MSTR’s market-to-net-asset value (mNAV) below 1, a metric that suggests the stock may be undervalued. In that light, selling some bitcoin to stabilize the company might seem rational.
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BTC has tumbled nearly 9% this week, while ETH, SOL declined even further and XRP outperformed.
- Bitcoin was at session lows late in the US trading day Friday, sliding below $95,000.
- The market downturn attributed to “information vacuum” and diminishing expectations of Fed rate cut, analysts said.
- The breakdown puts the $84,000 level as the next downside target, Ledn’s CIO said.
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