‘We are buying’: Michael Saylor denies reports of Strategy dumping BTC
News Summary
Michael Saylor, executive chair of Strategy, denied reports that the company was offloading some of its Bitcoin (BTC) amidst a flash crash. Saylor stated there was “no truth” to claims that Strategy reduced its BTC holdings by 47,000 BTC, emphasizing that the company continues to buy Bitcoin as prices dropped over 4% in less than 24 hours. Saylor commented that volatility is inherent to the Bitcoin market, advising investors to have a four-year time horizon to manage it. While Strategy remains the largest corporate holder of BTC, its dominance is declining as other entities like Coinbase and Metaplanet outpurchased it in October. Strategy’s Nasdaq-listed stock, MSTR, also fell by over 17% in the previous five days. Despite the end of a 43-day US government shutdown, which initially saw BTC briefly surge above $106,000, Bitcoin's price did not sustain its rally, dropping below $100,000 after the government reopened.
Background
Strategy (formerly MicroStrategy) is widely known for its aggressive Bitcoin acquisition strategy, establishing itself as the largest corporate holder of BTC globally. Executive Chair Michael Saylor is a prominent Bitcoin maximalist and a key proponent of a
In-Depth AI Insights
What do Saylor's denial and continued buying imply about corporate conviction in BTC, especially amidst increasing institutional competition and price volatility? - This reinforces a long-term