Key Takeaways
Since April, Technique co-founder Saylor has posted brief, bullish posts on X, adopted by strategic purchases of Bitcoin the subsequent day. This time might a repeat of the identical sample.
Technique (previously MicroStrategy) co-founder Michael Saylor hinted at one other Bitcoin [BTC] buy on Sunday, the twentieth of July. In a put up on X, he merely stated,
“Keep Humble. Stack Sats.”
Hooked up was a Saylor tracker chart that confirmed the corporate held 601,550 BTC, price $71.01 billion on the time of writing.
For the uninitiated, Saylor has a behavior of posting this chart on Sundays, and it’s usually adopted by an announcement of a Bitcoin acquisition by Technique on Mondays.
The final buy was made on the 14th of Julym the place the corporate purchased 4,225 BTC for $472.5 billion.
Supply: Bitcoin Treasuries
Spot ETF flows additionally mirrored robust demand for Bitcoin. Other than the first of July, each buying and selling day has seen positive inflows for the Bitcoin spot ETFs. This underlined the robust investor demand.
Publicly listed corporations continued so as to add BTC to their holdings. Knowledge from Bitcoin Treasuries confirmed that 860,766 BTC was held by public corporations. The overwhelming majority of them have been from the USA.
Saylor to “high blast” Bitcoin to $200k?
Most of the social media reactions mirrored bullish enthusiasm. The general public anticipated a $200k goal for Bitcoin this cycle. One Twitter denizen posted,
“That is the way you REALLY lock in.”
Led by Technique, Bitcoin treasury corporations have been one of many key drivers of BTC demand throughout the present run. The conviction of Saylor is known, as Technique continued to purchase BTC by way of the bear market.
Nonetheless, the rising NAV premium throughout a bull run permits Saylor to challenge new fairness or convertible notes. They will elevate extra capital to purchase much more BTC, and this optimistic suggestions loop is what Saylor has known as “producing Bitcoin yield.”
Over the previous month, the company’s stock has rallied 14.68%, from $369.03 to $423.22. Its market capitalization stood at $118.9 billion.
