In typical fashion, Strategy (formerly MicroStrategy) Chairman Michael Saylor suggests that the recent Bitcoin sell-off presents an opportunity.
Over the past 24 hours, the crypto market has been rocked by yet another sell-off driven by macroeconomic uncertainty and geopolitical tension. For one, Bitcoin, the largest crypto asset by market cap, has dropped as much as 5.8% from Monday, February 24, highs of $96,500 to, at one point, trade below the $91,000 price point.
The losses follow growing risk-off sentiment sparked by various factors. These include labor market concerns as Elon Musk’s Department of Government Efficiency pushes federal government layoffs, worries over the AI sector as investors await Nvidia’s earnings, and trade war fears as President Donald Trump maintains that he will move ahead with tariffs on Canada and Mexico.
“Bitcoin on Sale”
Amidst this uncertainty, however, one notorious Bitcoin bull has, in typical fashion, suggested that the recent market sell-off presents an opportunity.
“Bitcoin on sale,” Strategy (formerly MicroStrategy) Chairman Michael Saylor asserted in an X post on Tuesday, February 25, suggesting that the asset looked attractive at current levels.
₿itcoin on $ale
— Michael Saylor⚡️ (@saylor) February 24, 2025
Historically, posts like these have often preceded fresh Bitcoin buys by Strategy as the firm has adopted a Bitcoin treasury strategy since 2020, which it has ramped up in recent months.
For instance, on Sunday, February 23, the Strategy chair shared the “Saylor Tracker,” a chart showing the firm’s Bitcoin buys, asserting that it did not reflect the work he did last week. On Monday, the firm announced $2 billion in fresh Bitcoin purchases, bringing its stash just shy of 500,000 BTC to 499,096 BTC, worth over $45.19 billion at current rates.
This recent purchase was funded by a $2 billion senior convertible note offering last week that gave initial buyers the option to procure an additional $300 million in convertible notes before February 27. If investors take Strategy up on this offer, it will be unsurprising to see the firm announce yet another Bitcoin purchase soon.
How Sustainable is Strategy’s Bitcoin Strategy?
In the meantime, debates continue to rage about the sustainability of Strategy’s Bitcoin gamble and whether buying almost every week benefits shareholders.
“If the number one goal is to MAXIMIZE BTC per share/BTC yield he’s not fulfilling shareholder value,” prominent market analyst James Van Straten recently argued.
I’m not saying I agree with the strategy.
If the number one goal is to MAXIMIZE BTC per share/BTC yield he’s not fulfilling shareholder value.
— James Van Straten (@btcjvs) February 23, 2025
He said this, supporting the view of fellow analyst Caleb Franzen that Strategy could maximize shareholder outcomes by positioning buys at relevant technical levels. Some suggestions made by Franzen included when the asset’s price retests, the short-term holder realized price, or key exponential moving averages.
Despite these criticisms, Strategy’s… strategy appears to be paying off for now. At current rates, its Bitcoin stash is posting paper gains of over 36%. At the same time, the firm’s share price is up more than 300% in the past year.
