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Ignore the noise, says Strategy ( MSTR ) executive chairman Michael Saylor.
With bitcoin and Strategy shares continuing their steep slides, Saylor in an appearance on Friday morning CNBC said that his company remains committed to its BTC accumulation strategy.
“We’re buying bitcoin, we’re going to report our next purchases on Monday morning,” Saylor said, adding that the company will “accelerate [its] acquisitions,” as he hinted that recent activity on the firm’s portfolios will show an aggressive build-up.
This remark comes later online speculation Earlier Friday he suggested that the Strategy had sold bitcoin as bitcoin and MSTR both tumbled. The rumors stemmed from on-chain data showing BTC moving out of wallets controlled by the company.
Shortly after appearing on CNBC, Saylor took Xsaying “There is no truth to this rumor.”
As for diving into bitcoin and what’s to come Saylor — per usual — advised scared investors to zoom out, noting that bitcoin was stuck in a $55,000-$65,000 range just a little over a year ago. Even after the recent dive, bitcoin at $95,000 today is still showing a nice return.
“We’ve put in a pretty strong base of support here,” said Saylor, who added that he’s comfortable that BTC could rally from these levels.
MSTR is down 4% earlier Friday and below $200, now down nearly 35% year to date. Bitcoin is off its worst levels, but still up 5.8% in the last 24 hours to $96,200.
For investors, the rumors were not small. The strategy now holds more than 641,000 BTC – worth about $22.5 billion – while the company’s market cap has fallen below that value. The gap has pushed MSTR’s market value to net assets (mNAV) below 1, a metric that suggests the stock may be undervalued. In this light, selling some bitcoin to stabilize the company may be rational.
