Just hours after Strategy’s massive Bitcoin position briefly dipped into the red, Strategy's Michael Saylor took to X (formerly Twitter) with a cryptic but characteristic show of defiance: "More Orange."
The two-word post was accompanied by a chart from StrategyTracker showing the company’s history of Bitcoin accumulations.
In the visual language of Strategy’s die-hard fanbase, "orange" refers to the orange dots on the chart that signify purchase events.
The "underwater" scare
The tweet comes at a precarious moment for the Tysons Corner-based software firm turned Bitcoin treasury.
According to data released Sunday, Strategy now holds a staggering 712,647 BTC. However, the company’s aggressive purchasing spree has pushed its average cost basis up to $76,038 per coin.
Early Sunday morning, Bitcoin’s price slipped to approximately $75,500, technically dragging the value of Strategy's holdings below what they paid for them. It was a symbolic blow that invited immediate "investor ridicule" on social media, with detractors pointing out that the company’s $55.8 billion reserve was, for the first time in months, underwater.
Despite the online noise, financial analysts note that the company is not facing an existential crisis.
"Friendly reminder that MSTR's debt is unsecured. The earliest puttable debt is 2028. And it has enough cash on hand to pay dividends for 2.5 years. Nothing at all happens to MSTR at BTC cost basis. Zero risk of near-term leverage blow-up," analyst Brian Brookshire has stated.
Alex Dovbnya
Denys Serhiichuk
Tomiwabold Olajide