MicroStrategy (now rebranded to Strategy) looks to keep piling into Bitcoin next week

The company's founder, Michael Saylor, shared a snapshot of the Strategy Portfolio Tracker on X, a move he's made on the eve of every purchase.

MicroStrategy is set to continue its massive Bitcoin accumulation next week, according to a post from founder Michael Saylor on X.

MicroStrategy May Keep Buying Bitcoin Next Week

The executive shared a snapshot of the Strategy Portfolio Tracker, which displays the company’s current Bitcoin holdings. This will mark the seventh weekly buy by Strategy, which has been consistently adding to its BTC stash throughout the year.

Based on the latest figures from the tracker, Strategy now holds 576,230 BTC, valued at approximately $62 billion at current prices. This constitutes a small portion of Bitcoin’s roughly 20 million coins in circulation.

Last week, on May 16, Strategy purchased 7,390 BTC for a total of $764 million. Investors have observed this tracker signaling six recent buys, which typically provided a brief boost to market prices.

As of Friday morning, Bitcoin was trading around $106K, a 5% decrease over the past week as traders booked profits and concerns over the global economy returned.

"I only buy bitcoin with money I can’t afford to lose," Saylor wrote.

A fresh purchase by Strategy could push Bitcoin prices higher again. With 7,000 BTC representing 0.04% of the total supply, it can influence price movements, especially in the context of low trading volumes or a lack of significant news.

However, larger-scale rallies would require contributions from multiple firms or noteworthy events, such as ETF inflows, significant moves by major banks, or clear regulations from the US government.

Short sellers have also been active, with high-risk trader James Wynn closing a $1.2 billion Bitcoin long and opening a new short position. Wynn, who was among those betting on Bitcoin to hit $121K in the short term, has now flipped his stance. This ongoing trade war can further contribute to price swings.

"I closed my $1.2 billion Bitcoin long and opened a new short position. It was an incredible run, but I’m switching to short-term bear in anticipation of lower prices in the coming weeks," Wynn stated.

Moreover, Saylor’s line about buying Bitcoin with money he can’t afford to lose underscores the inherent risks involved in cryptocurrency investments.

While institutional buys, such as those by MicroStrategy, highlight the continued interest of major players in Bitcoin, they cannot be seen as a buffer against the broader market trends and volatility that Bitcoin is naturally subject to.