Michael Saylor’s Cryptic ‘Send More Orange’ Signals Another Possible Bitcoin Buy

Largest Bitcoin corporate holder Strategy’s executive chairman, Michael Saylor, is up with another post on X, signalling a possible fresh Bitcoin acquisition.

On Sunday, he posted a chart of the company’s BTC holdings, touting that Strategy aims to increase its Bitcoin purchases.

“Send more Orange,” his message read, as Orange is widely recognized as a symbol for Bitcoin among the crypto community.

Send more Orange pic.twitter.com/QaLJWkLrVN

This marks the firm’s ninth week in a row of buying Bitcoin, if the post follows a potential acquisition. The corporation bought 705 BTC for almost $75 million between May 26 and June 1.

The firm currently holds 580,955 BTC, worth approximately $61.4 billion at current values, according to Bitcoin Treasuries data.

Michael Saylor has a history of posting on Sundays before his Bitcoin purchases. However, a recent report from K33 Research revealed that Strategy, formerly MicroStrategy, appears to have slowed down its Bitcoin buys.

This is due to a declining premium for MSTR shares relative to the company’s Bitcoin holdings, K33 Head of Research Vetle Lunde attributed.

On June 7, Saylor posted a victorious message on X, sharing an infographic on how Bitcoin has helped Strategy outperform other major tech titans, including Tesla, Meta and Nvidia.

“Strategy is fully torqued Bitcoin,” he wrote on X, with a 126% increase in terms of a year return growth.

Strategy is fully torqued Bitcoin. pic.twitter.com/Dqu6RKY7b7

The posts follow Strategy’s announcement of a $1 billion stock offering, and using the proceeds to fund additional Bitcoin purchases and general corporate expenses.

Per the announcement, the company aims to issue 11,764,700 shares of 10.00% Series A Perpetual Stride Preferred Stock, at a public offering price of $85.00 per share.

“Strategy intends to use the net proceeds from the offering for general corporate purposes, including the acquisition of bitcoin and for working capital,” the announcement read.

Following Strategy’s lead, there has been an intensifying competition among corporations entering the Bitcoin treasury space.

Japan’s Metaplanet, for instance, has been stochpiling Bitcoin continuously, with a new target to accumulate 210,000 BTC by 2027. The Tokyo-listed investment firm currently holds 8,888 BTC, placing it tenth globally in corporate Bitcoin holdings.

Michael Saylor’s Sunday endorsement could signal sustained positive sentiment among traders and potentially increase institutional accumulation.

Though, monitoring Saylor’s social activity could be relevant for short-term trading strategies, as institutional sentiment could lead to price volatility.

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